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Full Text of this Amendment

SA 1123. Mr. BURR submitted an amendment intended to be proposed to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) to the bill H.R. 627, to amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes; which was ordered to lie on the table; as follows:

At the end of title V, add the following:
SEC. 503. DEFERRAL OF PAYMENTS AND INTEREST ON OBLIGATIONS INCURRED BY SERVICEMEMBERS BEFORE SERVICE IN A COMBAT ZONE.
(a) In General.--Title II of the Servicemembers Civil Relief Act (50 U.S.C. App. 521 et seq.) is amended by adding at the end the following new section:
``SEC. 208. DEFERRAL OF PAYMENTS AND INTEREST ON OBLIGATIONS INCURRED BY SERVICEMEMBERS BEFORE SERVICE IN A COMBAT ZONE.
``(a) In General.--Payment on any obligation or liability that is incurred by a servicemember, or the servicemember and the servicemember's spouse jointly, before the servicemember is ordered or assigned to military service in a combat zone shall, upon request of the servicemember in accordance with subsection (b), be deferred and shall not accrue interest during the period the servicemember performs such military service in such combat zone, plus--
``(1) in the case of a servicemember who is retired for disability incurred during such military service, until one year from the date of such retirement; or
``(2) in the case of any other servicemember, 90 days.
``(b) Written Notice to Creditor.--In order for an obligation or liability of a servicemember to be deferred in accordance with subsection (a), the servicemember shall provide the creditor written notice and a copy of the military orders ordering or assigning the servicemember to military service in a combat zone not later than 30 days after the date of the servicemember's order or assignment to such military service. In the event the servicemember's
military service in a combat zone is extended, the servicemember shall provide the creditor written notice and a copy of the military orders extending such service not later than 30 days after the date of the order extending such military service.
``(c) Limitation Effective as of Date of Orders.--Upon receipt of written notice and a copy of orders ordering or assigning a servicemember to military service in a combat zone under subsection (b), the creditor shall treat the obligation or liability in accordance with subsection (a), effective as of the date on which the servicemember is called or assigned to such military service.
``(d) Creditor Protection.--A court may grant a creditor relief from the limitations of subsection (a) if, in the opinion of the court, the ability of the servicemember to pay the obligation or liability is not materially affected by reason of the servicemember's military service in a combat zone.
``(e) Definitions.--In this section:
``(1) The term `interest' includes service charges, renewal charges, fees, or any other charges (other than bona fide insurance) with respect to an obligation or liability.
``(2) The term `combat zone' means a combat zone for purposes of section 112 of the Internal Revenue Code of 1986.''.
(b) Clerical Amendment.--The table of contents in section 1(b) of such Act is amended by inserting after the item relating to section 207 the following new item:

``Sec..208..Deferral of payments and interest on obligations incurred by servicemembers before service in a combat zone.''.


(As printed in the Congressional Record for the Senate on May 14, 2009.)