38.42.110 - Restructure of business loan interest rate. - Washington Statutes

Restructure of business loan interest rate.

(1) Upon the request of a service member with a qualifying business loan, the financial institution must restructure the interest rate of the loan to the equivalent provisions in the federal servicemembers civil relief act (50 U.S.C. App. 501 et seq.). The service member must notify the institution at least five days prior to the beginning of military service and submit official documentation that substantiates their eligibility for the protections of this chapter.

     (2) This section applies only to loans with an outstanding balance of less than one hundred thousand dollars at the time the service member is called to military service.

     (3) This section applies only to business loans executed on or after January 1, 2007.

[2006 c 253 § 2.]