A.G. Gancarski
Florida’s Junior Senator is teaming up with a Democrat from Georgia on legislation intended to help service members stretch their dollars further.
Senators Rick Scott and Jon Ossoff introduced the SCRA Benefit Utilization Act this week, which is intended to strengthen current legislation on the books.
Per Scott’s office, this “bipartisan bill would expand existing financial literacy programs to include information about these protections; require the Department of Defense’s annual survey to include information about these programs; include benefit information on all activation orders; and require creditors to apply a 6 percent cap to all eligible accounts under their jurisdiction once a servicemember invokes their rights” under the Servicemembers Civil Relief Act.
The SCRA, per the Consumer Financial Protection Board, offers “extra protections for servicemembers in the event that legal or financial transactions adversely affect their rights during military or uniformed service.”
” “Our servicemembers who put everything on the line don’t deserve to be taken advantage of—especially when it comes to their financials. I am proud to join my colleague Senator Ossoff to lead the bipartisan SCRA Benefit Utilization Act that will provide more ease and access to the legal and financial protections our active duty members are entitled to for their personal, auto and student loans, as well as increase financial literacy resources. We must continue to protect our servicemembers, especially as these brave Americans serve our country and protect our freedoms,” Scott asserted.
“Georgia’s servicemembers and their families deserve the very best, yet many are unaware of key benefits to help them save money. I’m introducing this new bipartisan bill to expand access to these key financial protections for our heroic servicemembers and help them save money and build wealth,” adds Ossoff.
10 comments
Dont Say FLA
April 20, 2024 at 7:29 pm
That’s great. How about something for college freshmen, too? Like maybe before they get themselves predatory student loaned into forever-debt?
rick whitaker
April 20, 2024 at 7:47 pm
good parenting would help. i warned my kids about the uber commercialized culture that lies to get your money.
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MH/Duuuval
April 21, 2024 at 12:40 pm
Ossoff — isn’t he the guy Trump put into the US Senate?
Ocean Joe
April 21, 2024 at 5:36 pm
One of two. Thanks Don.
MH/Duuuval
April 22, 2024 at 7:56 pm
My memory is failing: Who was the other, please?
Nah
April 22, 2024 at 3:03 pm
The SCRA is already disclosed to you as soon as you join the military. They sell it hard as one of the benefits (at least they did when I was in) but it’s not a blank check. It was put in place to protect members from usury practices against active duty service members and their families while they were away and unable to deal with it, which was rampant in previous eras. It was not meant to “cap” legal and existing costs which service members themselves willingly entered into, like credit card debt, loans, etc.–it was meant to protect against unlawful excesses (not to escape federally set higher interest rates as an example). The Uniform Military Code of Justice warns members against entering into adverse debt, for which they could be subject to disciplinary action. I don’t have an issue with it but these politicians like to sell ice cream like they invented it. And if they’re expanding the definition as a “benefit” fine, but then it’s hypocritical to turn around and say what the DOE is doing to try to correct its decades worth of usury and unlawful lending practices against children (from which the government and lenders have profited enormously) is somehow wrong or unconstitutional. Double standard.
MH/Duuuval
April 22, 2024 at 7:59 pm
I am more concerned about military spouses and children queuing up regularly for free food. Any wonder some of our enlisted personnel might need to borrow money — even at extortionate rates?
Nah
April 23, 2024 at 4:11 pm
Yeah no question. But pretending to “cap the interest on the money they have to borrow to make ends meet” seems like the kind of azzh@t move quintessential to hypocrite rah rah repubs. It is not the approach I would advocate. Call me crazy.
rick whitaker
April 23, 2024 at 4:40 pm
i distinctly remember when the gop candidate for president, trump, clearly stated that he thought all the military were losers
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