To amend title 10, United States Code, to enhance the protection of members of the Armed Forces and their spouses from unscrupulous financial services sales practices through increased consumer education, and for other purposes.
Military Personnel Financial Services Education Act of 2005 - Provides financial services and life insurance consumer education for members of the Armed Forces and their spouses, which shall be provided as a component of initial entry and recurring training. (Such training shall include information on financial services marketing practices that are particularly prevalent at a military installation and vicinity.)
Provides financial services counseling for members of the Armed Forces, and upon request, for their spouses. Requires a full-time trained counselor at installations with at least 750 assigned personnel, and other counseling at smaller installations.
Requires counselors to provide members or spouses with information on Servicemembers' Group Life Insurance when providing information on private sector life insurance. Prohibits junior enlisted members (members of the Armed Forces in pay grades E-1 through E-4) from paying for private sector insurance through pay allotments without a written certification of counseling.
Read twice and referred to the Committee on Armed Services. (text of measure as introduced: CR S5159-5160)
Introduced in House
Introduced in House
Referred to the House Committee on Armed Services.
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