§ 3937.
(a)
Interest rate limitation
(1)
Limitation to 6 percent
An obligation or liability bearing interest at a rate in excess of 6 percent per year that is incurred by a servicemember, or the servicemember and the servicemember’s spouse jointly, before the servicemember enters military service shall not bear interest at a rate in excess of 6 percent—
(A)
during the period of military service and one year thereafter, in the case of an obligation or liability consisting of a mortgage, trust deed, or other security in the nature of a mortgage; or
(B)
during the period of military service, in the case of any other obligation or liability.
(2)
Forgiveness of interest in excess of 6 percent
Interest at a rate in excess of 6 percent per year that would otherwise be incurred but for the prohibition in paragraph (1) is forgiven.
(3)
Prevention of acceleration of principal
The amount of any periodic payment due from a servicemember under the terms of the instrument that created an obligation or liability covered by this section shall be reduced by the amount of the interest forgiven under paragraph (2) that is allocable to the period for which such payment is made.
([Oct. 17, 1940, ch. 888], title II, § 207, as added [Pub. L. 108–189, § 1], Dec. 19, 2003, [117 Stat. 2844]; amended [Pub. L. 110–289, div. B, title II, § 2203(b)], July 30, 2008, [122 Stat. 2849]; [Pub. L. 110–389, title VIII, § 807], Oct. 10, 2008, [122 Stat. 4189]; [Pub. L. 111–275, title III, § 303(b)(1)], Oct. 13, 2010, [124 Stat. 2877]; [Pub. L. 115–232, div. A, title V, § 600], Aug. 13, 2018, [132 Stat. 1793].)