CHICAGO: Former Illinois Treasurer Pat Quinn is spearheading a
public information campaign to ensure that lenders adhere to a 1940
federal law that sets limits on interest rates for reservists and
National Guard members called to active duty. He is also looking for
pro-bono help from a PR agency.
Quinn did several media interviews last week, put up a website, and set
up a toll-free hotline to provide information about the Soldiers' and
Sailors' Relief Act of 1940.
He discovered the law during the Gulf War. "We were aware of the law,
but we found then that a lot of institutions were not," Quinn said.
He launched a campaign back then, but Quinn hopes to reach a broader
national audience this time around with the help of the internet.
The law limits interest rates on loans, mortgages, and credit card debt
to 6% for those called to active duty. It also protects them and their
families from eviction if their monthly rent is $1,200 or less.
Credit histories are also protected.