§526. Maximum rate of interest

No obligation or liability bearing interest at a rate in excess of 6 percent per year incurred by a person in military service before that person's entry into that service shall, during any part of the period of military service, bear interest at a rate in excess of 6 percent per year unless, in the opinion of the court, upon application thereto by the obligee, the ability of such person in military service to pay interest upon such obligation or liability at a rate in excess of 6 percent per year is not materially affected by reason of such service, in which case the court may make such order as in its opinion may be just. As used in this section the term "interest" includes service charges, renewal charges, fees, or any other charges (except bona fide insurance) in respect of such obligation or liability.

(Oct. 17, 1940, ch. 888, art. II, §206, as added Oct. 6, 1942, ch. 581, §6, 56 Stat. 771 ; amended Pub. L. 102–12, §9(7), Mar. 18, 1991, 105 Stat. 39 .)

Amendments

1991-Pub. L. 102–12 substituted "percent per year" for "per centum per annum" wherever appearing and "before that person's entry into that service shall, during any part of the period of military service, bear interest" for "prior to his entry into such service shall, during any part of the period of military service which occurs after the date of enactment of the Soldiers' and Sailors' Civil Relief Act Amendments of 1942, bear interest".