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MD SB317
Bill
Status
Introduced
1/22/2026
Primary Sponsor
Benjamin Brooks
Click for details
AI Summary
- Caps annual interest rates at 6% on loans and financing arrangements held by active duty service members or jointly with their spouses
- Requires interest charges above 6% to be forgiven and periodic payments recalculated when a service member is called to active duty during an existing loan's repayment term
- Service members or spouses must provide written notice and copies of military/gubernatorial orders to creditors within 180 days after release from active duty to qualify for the rate reduction
- Courts may grant creditors relief from the 6% cap if they find the service member's ability to pay higher interest is not materially affected by active duty assignment
- Takes effect July 1, 2026
Legislative Description
Credit Regulation - Maximum Interest Rate for Active Service Members (Service Members Civil Relief Act)
Notices
Last Action
Hearing 2/12 at 1:00 p.m.
1/29/2026
Committee Referrals
Finance1/22/2026
Full Bill Text
No bill text available