This bill amends the West Virginia Servicemembers Civil Relief Act to provide specific protections for members of the West Virginia National Guard who are called to active duty. It defines key terms such as "member" and "obligation," and establishes a cap on interest rates for debts incurred by active service members and their spouses at six percent per annum. The bill mandates that creditors must forgive any interest or finance charges exceeding this cap during the period of active duty and requires that periodic payments be recalculated accordingly.

Additionally, the bill stipulates that members or their spouses must provide written notice and military orders to creditors within 180 days of their release from active duty to benefit from these protections. Creditors may seek relief from the interest rate cap by petitioning the magistrate court, but only if they can demonstrate, with clear and convincing evidence, that the member's ability to pay at a higher rate is not materially affected by their service. This legislation aims to enhance financial protections for servicemembers during their active duty periods.

Statutes affected:
Introduced Version: 15-1F-11
Committee Substitute: 15-1F-11