Safe deposit and SCRA

Answered by:

Question:

How can the Servicemembers Civil Relief Act create very significant fines if we don’t comply with correct delinquent box rent collection procedures?

Answer:

The SCRA imposes obligations on parties who lease storage facilities (including safe deposit boxes) to servicemembers Failure to adhere to those obligations can result in significant penalties. One large bank was recently fined over $24 million dollars because of SCRA non-compliance mistakes.
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Learn more about Dave McGuinn’s webinar Safe deposit lawsuits: 25 lessons learned