CounselorLibrary.com Releases Servicemembers Compliance Guide
January 23, 2013
HANOVER, Md. — CounselorLibrary.com LLC, the publisher of automobile
financing and leasing legal compliance services, has released its newest
guide in its series of compliance manuals.
The CARLAW Compliance
Series addresses legal issues that auto finance companies face every
day. The latest publication in the series, Compliance Guide — Servicemembers Civil Relief Act, by James Chareq, is now available.
federal Servicemembers Civil Relief Act provides important financial
protections for servicemembers and their families. Although the SCRA has
been on the books for years, the subject of financial protections for
servicemembers has become a focus of federal and state regulation.
Dodd-Frank Wall Street Reform and Consumer Protection Act created a
powerful new federal agency, the Consumer Financial Protection Bureau.
One of the CFPB’s principal missions is the protection of the financial
interests of servicemembers and their families. Many states have enacted
laws that provide protection for servicemembers, as well.
Compliance Guide — Servicemembers Civil Relief Act
is a handy reference tool that provides finance companies with a
step-by-step roadmap to designing and implementing an SCRA compliance
program. The SCRA topics addressed include: when a creditor’s SCRA
compliance obligations are triggered; the operation of the 6 percent
interest rate limitation; the motor vehicle lease termination
provisions; the provisions relating to default judgments and stays of
proceedings; and the SCRA’s impact on the availability of creditor
The manual contains helpful suggestions for managing a
creditor’s SCRA compliance program in connection with other than real
estate secured extensions of credit. The information is presented in an
easy-to-read format, with as little "legalese" and as much useful and
practical information as possible.
The goal is to give the reader a
solid, basic working knowledge of the Servicemembers Civil Relief Act.
“The Guide was written to explain, in terms that are as straight-forward
as the complexity of the SCRA permits, when the SCRA applies, what a
creditor must do under the SCRA and what a creditor is prohibited from
doing under the SCRA,” said Chareq.