WV SB613

Caps interest rates at 6% per year on all financial obligations entered into on or after July 1, 2026, for active duty service members and their spouses during deployment

Requires interest and finance charges exceeding 6% to be forgiven, not deferred, during the active duty period

Reduces periodic payment amounts by the forgiven interest and finance charges for the applicable payment period

Service members or spouses must provide written notice and military orders to creditors within 180 days of release from active duty to receive the protection

Courts may grant creditors relief from the 6% cap if the service member's ability to pay higher rates is not materially affected by their active duty service