Florida Senator Rick Scott and Georgia Senator Jon Ossoff introduced a bipartisan bill to lower costs for servicemembers and their families through their bipartisan SCRA Benefit Utilization Act to expand access to financial protections and benefits available to active duty servicemembers and their families.
The Servicemembers Civil Relief Act (SCRA) provides legal and financial protections to active duty servicemembers, including National Guard and reserve members, and their families; however, the benefit is often underutilized, according to a Consumer Financial Protection Bureau report.
The bipartisan bill from the Florida Republican and Georgia Democrat 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 SCRA rights.
“Our servicemembers who put everything on the line don’t deserve to be taken advantage of—especially when it comes to their financials,” Republican Florida Senator Rick Scott said. “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.”
“Georgia’s servicemembers and their families deserve the very best, yet many are unaware of key benefits to help them save money,” Democratic Senator Jon Ossoff said. “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.”
Companion legislation was introduced in the U.S. House of Representatives by Congressman Matt Cartwright.
“Financial issues should not distract our brave men and women in uniform from their mission,” Congressman Matt Cartwright said. “This bipartisan, bicameral legislation identifies commonsense opportunities to improve benefit awareness, increase the likelihood of substantial financial savings, and enhance the overall readiness of our armed forces. I am grateful to Senators Ossoff and Scott for taking lead on getting this vital legislation through the Senate.”
Read the SCRA Benefit Utilization Act online.
