Page:United States Statutes at Large Volume 119.djvu/3294

 119 STAT. 3276

PUBLIC LAW 109–163—JAN. 6, 2006

section regarding life insurance offered by a private sector source, a financial services counselor under subsection (b)(2)(A)(i), or another individual providing counseling on financial services under subsection (b)(2), shall furnish the member or spouse, as the case may be, with information on the availability of Servicemembers’ Group Life Insurance under subchapter III of chapter 19 of title 38, including information on the amounts of coverage available and the procedures for electing coverage and the amount of coverage. ‘‘(d) FINANCIAL SERVICES DEFINED.—In this section, the term ‘financial services’ includes the following: ‘‘(1) Life insurance, casualty insurance, and other insurance. ‘‘(2) Investments in securities or financial instruments. ‘‘(3) Banking, credit, loans, deferred payment plans, and mortgages.’’. (2) CLERICAL AMENDMENT.—The table of sections at the beginning of such chapter is amended by adding at the end the following new item: 10 USC 992 note.

‘‘992. Consumer education: financial services.’’. (b) EFFECTIVE DATE.—The amendments

made by 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. SEC. 579. REPORT ON PREDATORY LENDING PRACTICES DIRECTED AT MEMBERS OF THE ARMED FORCES AND THEIR DEPENDENTS.

(a) REPORT REQUIRED.—Not later than 180 days after the date of the enactment of this Act, the Secretary of Defense shall submit to the appropriate committees of Congress a report on predatory lending practices directed at members of the Armed Forces and their families. The report shall be prepared in consultation with the Secretary of the Treasury, the Chairman of the Federal Reserve, the Chairman of the Federal Deposit Insurance Corporation, and representatives of military charity organizations and consumer organizations. (b) ELEMENTS.—The report under subsection (a) shall include the following: (1) A description of the prevalence of predatory lending practices directed at members of the Armed Forces and their families. (2) An assessment of the effects of predatory lending practices on members of the Armed Forces and their families. (3) A description of the strategy of the Department of Defense, and of any current or planned programs of the Department, to educate members of the Armed Forces and their families regarding predatory lending practices. (4) A description of the strategy of the Department of Defense, and of any current or planned programs of the Department, to reduce or eliminate— (A) the prevalence of predatory lending practices directed at members of the Armed Forces and their families; and (B) the negative effect of such practices on members of the Armed Forces and their families. (5) Recommendations for additional legislative and administrative action to reduce or eliminate predatory lending

VerDate 14-DEC-2004

07:21 Oct 30, 2006

Jkt 039194

PO 00003

Frm 00744

Fmt 6580

Sfmt 6581

E:\PUBLAW\PUBL003.119

APPS06

PsN: PUBL003

�