Florida's Junior Senator is teaming up with a Democrat from Georgia on legislation intended to help service members stretch their dollars further.
Senators Rick Scott and Jon Ossoff introduced the SCRA Benefit Utilization Act this week, which is intended to strengthen current legislation on the books.
Per Scott's office, this "bipartisan bill would expand existing financial literacy programs to include information about these protections; require the Department of Defense's annual survey to include information about these programs; include benefit information on all activation orders; and require creditors to apply a 6 percent cap to all eligible accounts under their jurisdiction once a servicemember invokes their rights" under the Servicemembers Civil Relief Act.
The SCRA, per the Consumer Financial Protection Board, offers "extra protections for servicemembers in the event that legal or financial transactions adversely affect their rights during military or uniformed service."
" "Our servicemembers who put everything on the line don't deserve to be taken advantage of—especially when it comes to their financials. I am proud to join my colleague Senator Ossoff to lead the bipartisan SCRA Benefit Utilization Act that will provide more ease and access to the legal and financial protections our active duty members are entitled to for their personal, auto and student loans, as well as increase financial literacy resources. We must continue to protect our servicemembers, especially as these brave Americans serve our country and protect our freedoms," Scott asserted.
"Georgia's servicemembers and their families deserve the very best, yet many are unaware of key benefits to help them save money. I'm introducing this new bipartisan bill to expand access to these key financial protections for our heroic servicemembers and help them save money and build wealth," adds Ossoff.
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