Financial Protections
Retroactive Refund
50 U.S.C. § 3937
Definition
The repayment of excess interest that a servicemember has already paid above the 6% cap. Lenders are required to refund overpayments, and servicemembers can request retroactive benefits even if they did not notify the lender immediately upon entering service.
Legal Reference
This term is defined in 50 U.S.C. § 3937 of the Servicemembers Civil Relief Act.