SB 613
Extending interest rate cap to all obligations incurred during military service
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill extends an interest rate cap of six percent per annum to debts incurred by West Virginia residents while serving on active duty, including those in the National Guard called to state active duty. It applies to obligations entered into on or after July 1, 2026. The bill provides a process for service members to notify creditors of their active duty status and for creditors to adjust interest rates accordingly. Any interest charges exceeding the six percent cap during deployment are forgiven.
Key provisions
- Caps interest rates on debts incurred by active duty service members at six percent per annum.
- Applies to obligations entered into on or after July 1, 2026.
- Requires service members to provide written notice and orders to creditors upon active duty.
- Forgives interest charges exceeding six percent during deployment.
- Allows creditors to seek court relief if the service member's ability to pay is not materially affected.
- Defines ‘active duty’ to include West Virginia National Guard members called to state active duty for 30 days or more.
Who is affected
- Active duty military personnel
- West Virginia National Guard members
- Creditors in West Virginia
- Service members' spouses
- Borrowers with debts incurred by service members
Notable changes
- Establishes a specific interest rate cap for debts incurred by service members on active duty.
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