Servicemembers’ Credit Monitoring Enhancement Act in plain language
1: Short title
This section would let the Act be officially called the Servicemembers' Credit Monitoring Enhancement Act.
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1. Short title This Act may be cited as the Servicemembers’ Credit Monitoring Enhancement Act .
2: Credit monitoring
This section would amend the Fair Credit Reporting Act (15 U.S.C. 1681 et seq.) in three ways, then set a delayed effective date. First, in section 605A(k) of that Act (15 U.S.C. 1681c-1(k)), it would replace the current paragraph (1) with a new paragraph (1) that sets out two definitions. "Armed forces" would have the meaning given to that term in section 101(a) of title 10, United States Code. "Armed forces member consumer" would mean a consumer who is a member of the armed forces, regardless of that consumer's duty status, so the definition would no longer be limited to people who are currently on active duty. Second, in paragraph (2)(A) of that same subsection 605A(k), the term "active duty military consumer" would be replaced with "armed forces member consumer." Because the new definition covers any member of the armed forces no matter their duty status, whatever paragraph (2)(A) requires would now apply to that broader group instead of only to consumers on active duty; the text provided here does not include the substance of paragraph (2)(A) itself, only this definitional change. Third, in section 625(b)(1)(K) of the Act (15 U.S.C. 1681t(b)(1)(K)), the term "active duty military consumers" would likewise be replaced with "armed forces member consumers," extending whatever that provision requires to the same broader group of servicemembers; the text provided here does not include the substance of section 625(b)(1)(K) itself, only this definitional change. All of these amendments would take effect on the date that is 1 year after the date this Act is enacted.
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2. Credit monitoring (a) In general The Fair Credit Reporting Act ( 15 U.S.C. 1681 et seq. ) is amended— (1) in section 605A(k) ( 15 U.S.C. 1681c–1(k) )— (A) by striking paragraph (1) and inserting the following: (1) Definitions In this subsection: (A) Armed forces The term armed forces has the meaning given the term in section 101(a) of title 10, United States Code. (B) Armed forces member consumer The term armed forces member consumer means a consumer who, regardless of duty status, is a member of the armed forces. ; and (B) in paragraph (2)(A), by striking active duty military consumer and inserting armed forces member consumer ; and (2) in section 625(b)(1)(K) ( 15 U.S.C. 1681t(b)(1)(K) ), by striking active duty military consumers and inserting armed forces member consumers . (b) Effective date The amendments made by subsection (a) shall take effect on the date that is 1 year after the date of enactment of this Act.