1994 US Code
Title 50 - WAR AND NATIONAL DEFENSE
TITLE 50 - APPENDIX-WAR AND NATIONAL DEFENSE
SOLDIERS’ AND SAILORS’ CIVIL RELIEF ACT OF 1918
SOLDIERS’ AND SAILORS’ CIVIL RELIEF ACT OF 1940
Sec. 526 - Maximum rate of interest
View Metadata| Publication Title | United States Code, 1994 Edition, Title 50 - WAR AND NATIONAL DEFENSE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 50 - WAR AND NATIONAL DEFENSE TITLE 50 - APPENDIX-WAR AND NATIONAL DEFENSE SOLDIERS’ AND SAILORS’ CIVIL RELIEF ACT OF 1940 ACT OCT. 17, 1940, CH. 888, 54 STAT. 1178 ARTICLE II - GENERAL RELIEF Sec. 526 - Maximum rate of interest |
| Contains | section 526 |
| Date | 1994 |
| Laws in Effect as of Date | January 4, 1995 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Oct. 17, 1940, ch. 888, art. II, §206, as added Oct. 6, 1942, ch. 581, §6, 56 Stat. 771; amended Mar. 18, 1991, Pub. L. 102-12, §9(7), 105 Stat. 39. |
| Statutes at Large References | 54 Stat. 1178 56 Stat. 771 105 Stat. 39 |
| Public Law References | Public Law 102-12 |
§526. Maximum rate of interest
No obligation or liability bearing interest at a rate in excess of 6 percent per year incurred by a person in military service before that person's entry into that service shall, during any part of the period of military service, bear interest at a rate in excess of 6 percent per year unless, in the opinion of the court, upon application thereto by the obligee, the ability of such person in military service to pay interest upon such obligation or liability at a rate in excess of 6 percent per year is not materially affected by reason of such service, in which case the court may make such order as in its opinion may be just. As used in this section the term “interest” includes service charges, renewal charges, fees, or any other charges (except bona fide insurance) in respect of such obligation or liability.
(Oct. 17, 1940, ch. 888, art. II, §206, as added Oct. 6, 1942, ch. 581, §6, 56 Stat. 771; amended Mar. 18, 1991, Pub. L. 102–12, §9(7), 105 Stat. 39.)
Amendments1991—Pub. L. 102–12 substituted “percent per year” for “per centum per annum” wherever appearing and “before that person's entry into that service shall, during any part of the period of military service, bear interest” for “prior to his entry into such service shall, during any part of the period of military service which occurs after the date of enactment of the Soldiers’ and Sailors’ Civil Relief Act Amendments of 1942, bear interest”.
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