Schwarzenegger Signs Two CU-Supported Bills
California Gov. Arnold Schwarzenegger has signed into law two bills that the state's credit unions had been seeking that defer some debt repayments and interest for military reservists and National Guard members serving in Iraq and Afghanistan or killed while on active duty. SB 513, by Sen. Nell Soto (D-Pomona), provides additional benefits for members of the California National Guard who are killed in the line of duty. It defers for six months-without penalty or additional interest-any payments and interest due on financial obligations. The legislation takes effect immediately. AB 306, by Assemblyman Joe Baca Jr. (D-Rialto), defers some debt repayments and interest for members of the U.S. Military Reserve or California National Guard on full-time active duty in Iraq or Afghanistan whose income is reduced by 90% or more due to their deployment.