This bill amends the West Virginia Servicemembers Civil Relief Act to establish a cap on interest rates for debts incurred by active service members, limiting them to six percent per annum. It specifies that this cap applies to obligations entered into on or after July 1, 2026, and outlines the process for service members or their spouses to notify creditors of their active duty status. Upon receiving this notification, creditors are required to adjust the terms of the obligation to comply with the interest rate limitation.

Additionally, the bill includes provisions for the forgiveness of any interest or finance charges that exceed the six percent cap during the period of active duty. It also allows for a reduction in periodic payments based on the forgiven charges and grants courts the authority to relieve creditors from the interest rate limitation if they determine that the service member's ability to pay is not materially affected by their military service. The bill aims to provide financial protections for service members and their families during their time of active duty.

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