Which military personnel are covered under SCRA protections?
Correct Answer
B) Active duty and activated National Guard/Reserves
Under SCRA Section 101, covered servicemembers include active duty members of the Army, Navy, Air Force, Marine Corps, Coast Guard, and members of the National Guard and Reserves when called to active duty under federal authority.
Why This Is the Correct Answer
Under SCRA Section 101, covered servicemembers include active duty members of the Army, Navy, Air Force, Marine Corps, Coast Guard, and members of the National Guard and Reserves when called to active duty under federal authority.
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
A lender originates a mortgage that meets all QM requirements. Three years later, the borrower defaults and claims the lender violated the ATR rule. What legal protection does the lender have?
For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
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Which disclosure must contain the statement 'Your actual rate, payment, and costs could be higher'?
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A lender discovers an error in the APR disclosed on a closed-end mortgage loan after consummation. The disclosed APR was 4.25% but should have been 4.75%. Which action is required under TILA?