Financial institution obligation to apply maximum rate of interest on all servicemember debts incurred before military service

Section 207(b) of the Servicemembers Civil Relief Act (50 U.S.C. 3937) is amended— (1) in paragraph (2)— (A) by striking the creditor shall treat the debt in accordance with subsection (a), effective as of the date on which the servicemember is called to military service. and inserting the creditor shall—; and (B) by adding at the end the following new subparagraphs: (A) treat the debt in accordance with subsection (a), effective as of the date on which the servicemember is called to military service; and (B) treat any other obligation or liability of the servicemember to the creditor in accordance with subsection (a), whether or not such obligation or liability was specifically mentioned in a notice provided by the servicemember under paragraph (1)(A).; and (2) by adding at the end the following new paragraph: (3) Submission of documents A creditor shall provide all necessary mechanisms to ensure that a servicemember is able to submit any documents required in order for an obligation or liability of the servicemember to be subject to the interest rate limitation in subsection (a) either online, by mail, or by fax, at the election of the servicemember..