Washington DFI Extends SCRA Interest Rate Cap to Servicemember Spouses

September 16, 2019

Ballard Sparh, LLP--Meredith J. Risati

The Washington State Department of Financial Institutions (“DFI”) recently reported that it had interpreted the Servicemembers Civil Relief Act (“SCRA”) broadly to apply the SCRA’s 6% interest rate cap to a loan agreement entered into only by a servicemember’s spouse. 

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