A bill 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 E-1 through E-4 members to pay for private sector insurance through pay allotments without a written certification of counseling.
Referred to the House Committee on Armed Services.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S5158-5159)
Read twice and referred to the Committee on Armed Services. (text of measure as introduced: CR S5159-5160)
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