RCW 38.42.110
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.]
Structure Revised Code of Washington
Title 38 - Militia and Military Affairs
Chapter 38.42 - Service Members' Civil Relief.
38.42.020 - Applicability of chapter.
38.42.030 - Protection of persons secondarily liable.
38.42.040 - Waiver of rights pursuant to written agreement.
38.42.050 - Protection of service members and their dependents against default judgments.
38.42.060 - Stay of proceedings when service member has notice.
38.42.070 - Fines and penalties under contracts.
38.42.090 - Computation of statutes of limitation.
38.42.100 - Inappropriate use of chapter.
38.42.110 - Restructure of business loan interest rate.
38.42.120 - Federal servicemembers civil relief act—Applicability.
38.42.130 - Civil action—Person aggrieved.
38.42.140 - Civil action—Attorney general.
38.42.150 - Civil investigative demands—Standards—Limitations—Enforcement.
38.42.160 - Termination or suspension of contracts upon receipt of military service orders.
38.42.903 - Effective date—2005 c 254.
38.42.904 - Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.