Editorial Notes

2015—Pub. L. 114–92, § 661(e)(1), substituted “Financial literacy training: financial services” for “Consumer education: financial services” in section catchline.

Subsec. (a). Pub. L. 114–92, § 661(b)(1), substituted “Financial Literacy Training” for “Consumer Education” in heading.

Subsec. (a)(1). Pub. L. 114–92, § 661(b)(2), substituted “financial literacy training” for “education” in introductory provisions.

Subsec. (a)(2). Pub. L. 114–92, § 661(b)(3), added par. (2) and struck out former par. (2) which read as follows: “Training under this subsection shall be provided to members as—

“(A) a component of members initial entry orientation training; and

“(B) a component of periodically recurring required training that is provided for the members at military installations.”

Subsec. (a)(3). Pub. L. 114–92, § 661(b)(4), substituted “paragraph (2)(J)” for “paragraph (2)(B)”.

Subsec. (a)(4). Pub. L. 114–92, § 661(b)(5), added par. (4).

Subsec. (d). Pub. L. 114–92, § 661(c)(2), added subsec. (d). Former subsec. (d) redesignated (e).

Subsec. (e). Pub. L. 114–92, § 661(c)(1), redesignated subsec. (d) as (e).

Subsec. (e)(4). Pub. L. 114–92, § 661(d), added par. (4).

2009—Subsec. (b)(4). Pub. L. 111–84 struck out period after “under this section”.

Statutory Notes and Related Subsidiaries
Effective Date of 2006 Amendment

Pub. L. 109–163, div. A, title V, § 578(b), Jan. 6, 2006, 119 Stat. 3276, provided that: “The amendments made by this section [enacting this section] shall take effect on the first day of the first month that begins more than 120 days after the date of the enactment of this Act [Jan. 6, 2006].”

Inclusion of Information on Free Credit Monitoring in Annual Financial Literacy Briefing

Pub. L. 116–92, div. A, title V, § 560A, Dec. 20, 2019, 133 Stat. 1393, provided that: “The Secretary of each military department shall ensure that the annual financial literacy education briefing provided to members of the Armed Forces includes information on the availability of free credit monitoring services pursuant to section 605A(k) of the Fair Credit Reporting Act (15 U.S.C. 1681c–1(k)).”


Pub. L. 114–92, div. A, title VI, § 661(f), Nov. 25, 2015, 129 Stat. 859, provided that: “Not later than six months after the date of the enactment of this Act [Nov. 25, 2015], the Secretary of the military department concerned and the Secretary of the Department in which the Coast Guard is operating shall commence providing financial literacy training under section 992 of title 10, United States Code, as amended by subsections (b), (c), and (d) of this section, to members of the Armed Forces.”

Counseling on Mortgage Foreclosures for Members of the Armed Forces Returning From Service Abroad

Pub. L. 110–289, div. B, title II, § 2202, July 30, 2008, 122 Stat. 2849, provided that:

In General.—
The Secretary of Defense shall develop and implement a program to advise members of the Armed Forces (including members of the National Guard and Reserve) who are returning from service on active duty abroad (including service in Operation Iraqi Freedom and Operation Enduring Freedom) on actions to be taken by such members to prevent or forestall mortgage foreclosures.
The program required by subsection (a) shall include the following:
Credit counseling.
Home mortgage counseling.
Such other counseling and information as the Secretary considers appropriate for purposes of the program.
Timing of Provision of Counseling.—
Counseling and other information under the program required by subsection (a) shall be provided to a member of the Armed Forces covered by the program as soon as practicable after the return of the member from service as described in subsection (a).”

Military Personnel Financial Services Protection

Pub. L. 109–290, Sept. 29, 2006, 120 Stat. 1317, provided that:

Short Title.—
This Act may be cited as the ‘Military Personnel Financial Services Protection Act’.
Table of Contents.—


“SEC. 2.
“Congress finds that—
members of the Armed Forces perform great sacrifices in protecting our Nation in the War on Terror;
the brave men and women in uniform deserve to be offered first-rate financial products in order to provide for their families and to save and invest for retirement;
members of the Armed Forces are being offered high-cost securities and life insurance products by some financial services companies engaging in abusive and misleading sales practices;
one securities product offered to service members, known as the ‘mutual fund contractual plan’, largely disappeared from the civilian market in the 1980s, due to excessive sales charges;
with respect to a mutual fund contractual plan, a 50 percent sales commission is assessed against the first year of contributions, despite an average commission on other securities products of less than 6 percent on each sale;
excessive sales charges allow abusive and misleading sales practices in connection with mutual fund contractual plan;
certain life insurance products being offered to members of the Armed Forces are improperly marketed as investment products, providing minimal death benefits in exchange for excessive premiums that are front-loaded in the first few years, making them entirely inappropriate for most military personnel; and
the need for regulation of the marketing and sale of securities and life insurance products on military bases necessitates Congressional action.
“SEC. 3.
“For purposes of this Act, the following definitions shall apply:
Life insurance product.—
In general.—
The term ‘life insurance product’ means any product, including individual and group life insurance, funding agreements, and annuities, that provides insurance for which the probabilities of the duration of human life or the rate of mortality are an element or condition of insurance.
Included insurance.—
The term ‘life insurance product’ includes the granting of—
endowment benefits;
additional benefits in the event of death by accident or accidental means;
disability income benefits;
additional disability benefits that operate to safeguard the contract from lapse or to provide a special surrender value, or special benefit in the event of total and permanent disability;
benefits that provide payment or reimbursement for long-term home health care, or long-term care in a nursing home or other related facility;
burial insurance; and
optional modes of settlement or proceeds of life insurance.
Such term does not include workers compensation insurance, medical indemnity health insurance, or property and casualty insurance.
The term ‘NAIC’ means the National Association of Insurance Commissioners (or any successor thereto).
“SEC. 4.

[Amended section 80a–27 of Title 15, Commerce and Trade.]

Technical Amendment.—
Report on Refunds, Sales Practices, and Revenues From Periodic Payment Plans.—
Not later than 6 months after the date of enactment of this Act [Sept. 29, 2006], the Securities and Exchange Commission shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, a report describing—
any measures taken by a broker or dealer registered with the Securities and Exchange Commission pursuant to section 15(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(b)) to voluntarily refund payments made by military service members on any periodic payment plan certificate, and the amounts of such refunds;
after such consultation with the Secretary of Defense, as the Commission considers appropriate, the sales practices of such brokers or dealers on military installations over the 5 years preceding the date of submission of the report and any legislative or regulatory recommendations to improve such practices; and
the revenues generated by such brokers or dealers in the sales of periodic payment plan certificates over the 5 years preceding the date of submission of the report, and the products marketed by such brokers or dealers to replace the revenue generated from the sales of periodic payment plan certificates prohibited under subsection (a).
“SEC. 5.

[Amended section 78o–3 of Title 15.]

“SEC. 6.

[Amended section 78o–3 of Title 15.]

“SEC. 7.
Investment Advisers.—
Conforming Amendments.—
Investment advisers act of 1940.—
National securities markets improvement act of 1996.—

[Repealed provisions set out as a note under section 80b–10 of Title 15.]

“SEC. 8.
Clarification of Jurisdiction.—
Any provision of law, regulation, or order of a State with respect to regulating the business of insurance or securities shall apply to insurance or securities activities conducted on Federal land or facilities in the United States and abroad, including military installations, except to the extent that such law, regulation, or order—
directly conflicts with any applicable Federal law, regulation, or authorized directive; or
would not apply if such activity were conducted on State land.
Primary State Jurisdiction.—
To the extent that multiple State laws would otherwise apply pursuant to subsection (a) to an insurance or securities activity of an individual or entity on Federal land or facilities, the State having the primary duty to regulate such activity and the laws of which shall apply to such activity in the case of a conflict shall be—
the State within which the Federal land or facility is located; or
if the Federal land or facility is located outside of the United States, the State in which—
in the case of an individual engaged in the business of insurance, such individual has been issued a resident license;
in the case of an entity engaged in the business of insurance, such entity is domiciled;

Requirement for Regulations on Policies and Procedures on Personal Commercial Solicitations on Department of Defense Installations

Pub. L. 109–163, div. A, title V, § 577(a), Jan. 6, 2006, 119 Stat. 3274, provided that: “As soon as practicable after the date of the enactment of this Act [Jan. 6, 2006], and not later than March 31, 2006, the Secretary of Defense shall prescribe regulations, or modify existing regulations, on the policies and procedures relating to personal commercial solicitations, including the sale of life insurance and securities, on Department of Defense installations.”