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Full Text of this Amendment
At the end of title II, add the following:
SEC. 204. ENHANCEMENT OF PROTECTIONS FOR SERVICEMEMBERS RELATING TO MORTGAGES AND MORTGAGE FORECLOSURES.
(a) Treatment of Mortgages as Obligations Subject to Interest Rate Limitation.--Section 207 of the Servicemembers Civil Relief Act (50 U.S.C. App. 527) is amended--
(1) in subsection (a)(1), by striking ``in excess of 6 percent'' the second place it appears and all that follows and inserting ``in excess of 6 percent--
``(A) during the period of military service and one year thereafter, in the case of an obligation or liability consisting of a mortgage, trust deed, or other security in the nature of a mortgage; or
``(B) during the period of military service, in the case of any other obligation or liability.''; and
(2) by striking subsection (d) and inserting the following new subsection:
``(d) Definitions.--In this section:
``(1) INTEREST.--The term `interest' includes service charges, renewal charges, fees, or any other charges (except bona fide insurance) with respect to an obligation or liability.
``(2) OBLIGATION OR LIABILITY.--The term `obligation or liability' includes an obligation or liability consisting of a mortgage, trust deed, or other security in the nature of a mortgage.''.
(b) Extension of Period of Protections Against Mortgage Foreclosures.--
(1) EXTENSION OF PROTECTION PERIOD.--Subsection (c) of section 303 of the Servicemembers Civil Relief Act (50 U.S.C. App. 533) is amended by striking ``90 days'' and inserting ``one year''.
(2) EXTENSION OF STAY OF PROCEEDINGS PERIOD.--Subsection (b) of such section is amended by striking ``90 days'' and inserting ``one year''.
(c) Effective Date.--The amendments made by this section shall take effect on the date of the enactment of this Act.
(As printed in the Congressional Record for the Senate on Apr 4, 2008.)