View all text of Subpart D [§ 765.151 - § 765.200]
§ 765.161 - Borrowers entering the Armed Forces.
(a) Protections for borrowers on active duty. The Servicemembers Civil Relief Act (Pub. L. 108-189) and the Ronald W. Reagan National Defense Authorization Act for Fiscal Year (FY) 2005 (Pub. L. 108-375) provide certain loan servicing protections for military borrowers. The Agency will apply those loan servicing protections to applicable Farm Loan borrowers.
(1) The benefits and protections of the Servicemembers Civil Relief Act apply to borrowers on active duty at all times.
(2) The requirements of the Ronald W. Reagan National Defense Authorization Act for Fiscal Year (FY) 2005 apply during a time of a war or national emergency as declared by the President or Congress.
(b) Eligibility for National Guard members and military reservists. Borrowers who are National Guard members or military reservists will be eligible for the protections covered by this section, as specified in paragraphs (b)(1) and (2) of this section:
(1) National Guard members must be on duty for at least 30 consecutive calendar days.
(2) Military reservists are eligible from the date orders are received to report for active duty.
(c) Entity eligibility. National Guard members and military reservists on active duty and any operating entity owned solely by the active duty borrower may be considered for protections specified in paragraph (a) of this section.