California Assemblyman Thomas M. Calderon (D-Montebello) introduced legislation designed to provide financial relief for families of military reservists called to action in the war against terrorism.
Known as “The Military Reservist Relief Act of 2001,” Calderon’s bill provides emergency economic relief through automatic extensions for standard cost-of-living debts, such as the primary residential mortgage, auto loans, credit cards, property tax and insurance. In addition, the bill makes it illegal for lenders to levy penalties or additional interest against these debts. The extensions are valid through the period of military service.
Finally, the bill states that any person who takes part in any eviction, foreclosure or repossession, or any attempts to do so, is guilty of a crime, subject to criminal penalties.
“The sudden and unexpected call to arms has caused unavoidable financial and emotional hardship for many reservists and their families. Many have suffered substantial personal income reductions,” Calderon stated. “The men and women who are leaving their families to fight for our freedom have enough to worry about without having to be concerned about financial matters. This bill provides a sense of comfort for these fine American families who are giving of themselves to protect our country.”
A similar bill was introduced to provide the same protections for reservists during Desert Storm. The Calderon bill includes an urgency clause, allowing it to take effect immediately upon the governor’s signing.
Calderon is one of several announced candidates running for the post of California Insurance Commissioner.
Was this article valuable?
Here are more articles you may enjoy.