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Additional CRCM > Scra > Flashcards

Scra Flashcards

1
Q

The term service member refers to

A

Person on active duty in the federal military service

On active duty of an allied nation

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2
Q

When is a dependent of a service member covered under scra

A

When the service member provided 1/2 of their support during the 189 days preceding a request for relief

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3
Q

Can service members waive their rights to the act

A

Yes

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4
Q

If service member waived their right, when must they do it

A

While they are on active duty or after they receive orders to active duty

The waiver must be in writing if it pertains to any type of lease modification or repossession/foreclosure

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5
Q

does the 6 percent maximum interest rate apply to dependents

A

No,unless the obligation is incurred jointly by the service member and the service member spouse

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6
Q

What benefits are service members entitled to

A

Contracts for purchase of property, mortgages,repositions, assignment of life insurance policies

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7
Q

What must service member provide to receive interest rate relief

A

Written notice and copy of orders

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8
Q

Where the person in military service is a co defendant with others not in the military what can creditors do

A

With court permission, proceed against other co defendants

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9
Q

Termination of leases is covered when

A

The service member enters military service during the lease term

The lease is in the military when the lease is signed but the receives orders for change of station or deployment for 90 days or more

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10
Q

Leases for motor vehicles are impacted when

A

The lease has orders for 180 days or more or

Has orders less than 180 days then receives orders for 180 days or more

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11
Q

True or false. No default judgement may be entered against a person in military service without a court approving such judgment and without an attorney representing the person in military service

A

True

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12
Q

Can fined and penalty’s accrue when an action with a contract is stayed

A

no

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13
Q

If a service member fails to perform a contractual obligation and incurs a fine or penalty what can a court do

A

Reduce or waive the penalty

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14
Q

If a person receives a deposit or installment to lease a property from someone and then they are called into service, can that person terminate the contract

A

no

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15
Q

Foreclosures of mortgages originating before the debtors military service may be conducted

A

During the debtors term of military service and for one year discharge from active duty by order of the court

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16
Q

If the court stays a proceeding to foreclosure or terminate a mortgage the court may do what to appraise the property

A

Appoint three independent people to appraise it and require that the sum be paid to the person in the military

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17
Q

The lease may terminate the lease at the leases option at any time after

A

Leases enters military service or

Lease receives orders to be deployed 90 or more days

18
Q

How must a lease be terminated

A

In writing with a copy of military orders

19
Q

How soon must a car be returned after the cancellation notice

A

15 days

20
Q

Are federal student loans covered by SCRA

A

Yes

21
Q

Life insurance policies purchase before military service may not lapse for how long

A

Term of military service or Two years following the term of military service for failure to pay premium

22
Q

Can things in storage be sold while on military service

A

No. Not for 90 days after they return

23
Q

What does SCRA cover

A

Lease agreements
Lawsuits
loan obligations
Insurance contracts

24
Q

What classified as a service member dependent

A

Spouse
Child
And any individual dependent for which the service member provided at least one half of their support during 180 days preceding the request for relief

25
Q

What must be sent to a service member when a mortgage is 45 days delinquent

A

SCRA notice explaining foreclosure rights

Must be sent to service members who pledged their primary residence as collateral

26
Q

MIlitary lending act imposed what

A

36% interest rate cap on consumer purpose transactions

27
Q

What type of loans does the military lending act exclude

A

Residential mortgages

Purchase money transactions for personal property (I.e. car loans)

Business purpose loans

28
Q

Does the military lending act have to comply with state interest rate caps

A

Yes

29
Q

Are the standard reg z disclosures given with loans that fall under the MLA act

A

Yes

30
Q

What does the MLA act require a borrower to do

A

Perform a covered borrower check to determine if borrower is entitled to MLA protections

31
Q

A borrower can be provided a safe habit if the creditor checks the following for covered borrowers

A

MLA database

A Consumer Report

32
Q

Does a creditor have to maintain records from a safe habor check

A

Yes

33
Q

How long is a safe habor check good for

A

When consumer initiates transaction

Consumer applies to establish an account

If the consumer responds to an offer within 60 days of intitial search

34
Q

Under MLA, lenders cannot do what to borrowers

A

Impose prepayment fees

Make them waive right to legal counsel

Require arbitration

Demand unreasonable notice

Condition the credit in establishing an allotment to repay

35
Q

What does SCRA require the borrower to do in order to get benefits

A

Self identify

Request it in writing

Send copy of orders

36
Q

What do creditors need to double check when foreclosing or repossessioning loans

A

Have a process in place to identify military personnel

37
Q

The MLA applies to new consumer credit entered into on or

A

Iafter 10/3/16 or 10/3/17 for credit cards while on active duty

38
Q

What type of loans does SCRA cover

A

Residential mortgages

Business loans, if the borrower is an individual or sole proprietor

39
Q

What responsibility does MLA place on the lender

A

Identifying active duty status in order to deliver special MLA disclosure and the MAPR calculation

40
Q

How many installments is necessary to be covered under MLA

A

4 or more

41
Q

What does the MAPR calculation include

A

Finance charges

Application fees

Participation fees

Credit insurance premiums

Fees for debt collection

Additional CRCM (19 decks)

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