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10 U.S.C. § 992 — Financial literacy training: financial services

Federal law — U.S. Code and appendices · legal_authorities

10 U.S.C. § 992 — Financial literacy training: financial services

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Source file: Laws/federal/codes/united-states-code/title-10/section-992-financial-literacy-training-financial-services--42c82b7230.md
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Source location: Title 10, Chapter 50, § 992; chapter-050-miscellaneous-command-responsibilities.md

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**(a) Requirement for Financial Literacy Training Program for Members.—** (1) The Secretary concerned shall carry out a program to provide comprehensive financial literacy training to members of the armed forces under the jurisdiction of the Secretary on— (A) financial services that are available under law to members; (B) financial services that are routinely offered by private sector sources to members; (C) practices relating to the marketing of private sector financial services to members; (D) such other matters relating to financial services available to members, and the marketing of financial services to members, as the Secretary considers appropriate; and (E) such other financial practices as the Secretary considers appropriate. (2) Training under this subsection shall be provided to a member of the armed forces— (A) as a component of the initial entry training of the member; (B) upon arrival at the first duty station of the member; (C) upon arrival at each subsequent duty station, in the case of a member in pay grade E–6 or below or in pay grade O–3 or below; (D) when the member vests in the Thrift Savings Plan (TSP) under [section 8432(g)(2)(C) of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section8432/g/2/C&num=0&edition=prelim); (E) when the member becomes entitled to receive continuation pay under [section 356 of title 37](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title37-section356&num=0&edition=prelim), at which time the training shall include, at a minimum, information on options available to the member regarding the use of continuation pay; (F) at each major life event during the service of the member, such as— (i) marriage; (ii) divorce; (iii) birth of first child; or (iv) disabling sickness or condition; (G) during leadership training; (H) during pre-deployment training and during post-deployment training; (I) at transition points in the service of the member, such as— (i) transition from a regular component to a reserve component; (ii) separation from service; or (iii) retirement; and (J) as a component of periodically recurring required training that is provided to the member at a military installation. (3) The training provided at a military installation under paragraph (2)(J) shall include information on any financial services marketing practices that are particularly prevalent at that military installation and in the vicinity. (4) The Secretary concerned shall prescribe regulations setting forth any other events and circumstances (in addition to the events and circumstances described in paragraph (2)) upon which the training required by this subsection shall be provided. **(b) Counseling for Members and Spouses.—** (1) The Secretary concerned shall, upon request, provide counseling on financial services to each member of the armed forces, and such member’s spouse, under the jurisdiction of the Secretary. (2) (A) In the case of a military installation at which at least 2,000 members of the armed forces on active duty are assigned, the Secretary concerned— (i) shall provide counseling on financial services under this subsection through a full-time financial services counselor at such installation; (ii) shall provide such counseling at such installation— (I) through members of the armed forces in pay grade E–7 or above, or civilians, who provide such counseling as part of their other duties for the armed forces or the Department of Defense; (II) by contract, including contract for services by telephone and by the Internet; or (III) through qualified representatives of nonprofit organizations and agencies under formal agreements with the Department of Defense to provide such counseling; and (iii) may not provide financial services through any individual unless such individual agrees to submit financial disclosures annually to the Secretary. (B) In the case of any military installation not described in subparagraph (A), the Secretary concerned shall provide counseling on financial services under this subsection at such installation in accordance with the requirements established under subparagraph (A)(ii) and (iii). (3) Each financial services counselor under paragraph (2)(A)(i), and any other individual providing counseling on financial services under paragraph (2), shall be an individual who, by reason of education, training, or experience, is qualified to provide helpful counseling to members of the armed forces and their spouses on financial services and marketing practices described in subsection (a)(1). Such individual may be a member of the armed forces or an employee of the Federal Government. (4) (A) The Secretary concerned shall take such action as is necessary to ensure that each financial services counselor under paragraph (2)(A)(i), and any other individual providing counseling on financial services under paragraphs (2), is free from conflicts of interest relevant to the performance of duty under this section and, in the performance of that duty, is dedicated to furnishing members of the armed forces and their spouses with helpful information and counseling on financial services and related marketing practices. (B) In carrying out the requirements of subparagraph (A), the Secretary concerned shall establish a requirement that each financial services counselor under paragraph (2)(A)(i), and any other individual providing counseling on financial services under paragraph (2), submit financial disclosures annually to the Secretary. (C) The Secretary concerned shall review all financial disclosures submitted pursuant to subparagraph (B) to ensure the counselor, or the individual providing counseling, is free from conflict as required under this paragraph. (D) If the Secretary concerned determines that a financial services counselor under paragraph (2)(A)(i), or any other individual providing counseling on financial services under paragraph (2), is not free from conflict as required under this paragraph, the Secretary shall ensure that the counselor, or the individual providing counseling, does not provide such services until such time as the Secretary determines that such conflict is resolved. **(c) Life Insurance.—** In counseling a member of the armed forces, or spouse of a member of the armed forces, under this 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) Provision of Retirement Information.—** In each training under subsection (a) and in each meeting to provide counseling under subsection (b), a member of the armed forces shall be provided with— (1) all forms relating to retirement that are relevant to the member, including with respect to the Thrift Savings Plan; and (2) information with respect to how to find additional information. **(e) Financial Literacy and Preparedness Survey.—** (1) The Director of the Defense Manpower Data Center shall annually include in the status of forces survey a survey of the status of the financial literacy and preparedness of members of the armed forces. (2) The results of the annual financial literacy and preparedness survey— (A) shall be used by each of the Secretaries concerned as a benchmark to evaluate and update training provided under this section; and (B) shall be submitted to the Committees on Armed Services of the Senate and the House of Representatives. **(f) 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. (4) Health insurance, budget management, Thrift Savings Plan (TSP), retirement lump sum payments (including rollover options and tax consequences), and Survivor Benefit Plan (SBP).

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 80b–3a — State and Federal responsibilities

**(a) Advisers subject to State authorities** (1) **In general** — No investment adviser that is regulated or required to be regulated as an investment adviser in the State in which it maintains its principal office and place of business shall register under [section 80b–3 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80b-3&num=0&edition=prelim), unless the investment adviser— (A) has assets under management of not less than $25,000,000, or such higher amount as the Commission may, by rule, deem appropriate in accordance with the purposes of this subchapter; or (B) is an adviser to an investment company registered under subchapter I of this chapter. (2) **Treatment of mid-sized investment advisers** (A) *In general* — No investment adviser described in subparagraph (B) shall register under [section 80b–3 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80b-3&num=0&edition=prelim), unless the investment adviser is an adviser to an investment company registered under the Investment Company Act of 1940 [[15 U.S.C. 80a–1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a-1&num=0&edition=prelim) et seq.], or a company which has elected to be a business development company pursuant to section 54 of the Investment Company Act of 1940 [[15 U.S.C. 80a–53](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a-53&num=0&edition=prelim)], and has not withdrawn the election, except that, if by effect of this paragraph an investment adviser would be required to register with 15 or more States, then the adviser may register under [section 80b–3 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 80b–3a

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 80b–10 — Disclosure of information by Commission

**(a) Information available to public** The information contained in any registration application or report or amendment thereto filed with the Commission pursuant to any provision of this subchapter shall be made available to the public, unless and except insofar as the Commission, by rules and regulations upon its own motion, or by order upon application, finds that public disclosure is neither necessary nor appropriate in the public interest or for the protection of investors. Photostatic or other copies of information contained in documents filed with the Commission under this subchapter and made available to the public shall be furnished to any person at such reasonable charge and under such reasonable limitations as the Commission shall prescribe. **(b) Disclosure of fact of examination or investigation; exceptions** Subject to the provisions of subsections (c) and (d) of [section 80b–9 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80b-9&num=0&edition=prelim) and [section 78x(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78x/c&num=0&edition=prelim), the Commission, or any member, officer, or employee thereof, shall not make public the fact that any examination or investigation under this subchapter is being conducted, or the results of or any facts ascertained during any such examination or investigation; and no member, officer, or employee of the Commission shall disclose to any person other than a member, officer, or employee of the Commission any information obtained as a result of any such examination or investigation except with the approval of the Commission. The provisions of this subsection shall not apply— (1) in the case of any hearing which is public under the

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 80b–10

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Federal law — U.S. Code and appendices · legal_authorities

37 U.S.C. § 356 — Continuation pay: full TSP members with 7 to 12 years of service

**(a) Continuation Pay.—** The Secretary concerned shall make a payment of continuation pay to each full TSP member (as defined in [section 8440e(a) of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section8440e/a&num=0&edition=prelim)) of the uniformed services under the jurisdiction of the Secretary who— (1) has completed not less than 7 and not more than 12 years of service in a uniformed service; and (2) enters into an agreement with the Secretary to serve for not less than 3 additional years of obligated service. **(b) Payment Amount.—** The Secretary concerned shall determine the payment amount under this section as a multiple of a full TSP member’s monthly basic pay. The multiple for a full TSP member who is a member of a regular component, a member of the Space Force on sustained duty, or a member of a reserve component, if the member is performing active Guard and Reserve duty (as defined in [section 101(d)(6) of title 10](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title10-section101/d/6&num=0&edition=prelim)), shall not be less than 2.5 times the member’s monthly basic pay. The multiple for a full TSP member who is a member of a reserve component not performing active Guard or Reserve duty (as so defined) or a member of the Space Force in space force active status not on sustained duty shall not be less than 0.5 times the monthly basic pay to which the member would be entitled if the member were a member of a regular component. The maximum amount the Secretary concerned may pay a member under this section is— (1) in the case of a member of a regular component or a member of the Space Force on sustained duty— (A) the monthly basic pay of the member at 12 years of service multiplied by 2.5; plus (B) at th

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 80a–27 — Periodic payment plans

**(a) Sale of certificates; restrictions** It shall be unlawful for any registered investment company issuing periodic payment plan certificates, or for any depositor of or underwriter for such company, to sell any such certificate, if— (1) the sales load on such certificate exceeds 9 per centum of the total payments to be made thereon; (2) more than one-half of any of the first twelve monthly payments thereon, or their equivalent, is deducted for sales load; (3) the amount of sales load deducted from any one of such first payments exceeds proportionately the amount deducted from any other such payment, or the amount deducted from any subsequent payment exceeds proportionately the amount deducted from any other subsequent payment; (4) the first payment on such certificate is less than $20, or any subsequent payment is less than $10; (5) if such registered company is a management company, the proceeds of such certificate or the securities in which such proceeds are invested are subject to management fees (other than fees for administrative services of the character described in clause (C), paragraph (2), of [section 80a–26(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–26/a&num=0&edition=prelim)) exceeding such reasonable amount as the Commission may prescribe, whether such fees are payable to such company or to investment advisers thereof; or (6) if such registered company is a unit investment trust the assets of which are securities issued by a management company, the depositor of or principal underwriter for such trust, or any affiliated person of such depositor or underwriter, is to receive from such management company or any affiliated person thereof any fee or payment on account of payments on such certificat

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 80a–27

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 80b–4 — Reports by investment advisers

**(a) In general** Every investment adviser who makes use of the mails or of any means or instrumentality of interstate commerce in connection with his or its business as an investment adviser (other than one specifically exempted from registration pursuant to [section 80b–3(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80b–3/b&num=0&edition=prelim)), shall make and keep for prescribed periods such records (as defined in [section 78c(a)(37) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/37&num=0&edition=prelim)), furnish such copies thereof, and make and disseminate such reports as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors. All records (as so defined) of such investment advisers are subject at any time, or from time to time, to such reasonable periodic, special, or other examinations by representatives of the Commission as the Commission deems necessary or appropriate in the public interest or for the protection of investors. **(b) Records and reports of private funds** (1) **In general** — The Commission may require any investment adviser registered under this subchapter— (A) to maintain such records of, and file with the Commission such reports regarding, private funds advised by the investment adviser, as necessary and appropriate in the public interest and for the protection of investors, or for the assessment of systemic risk by the Financial Stability Oversight Council (in this subsection referred to as the “Council”); and (B) to provide or make available to the Council those reports or records or the information contained therein. (2) **Treatment of records** — The records and

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 80b–4

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Federal law — U.S. Code and appendices · legal_authorities

10 U.S.C. § 992 — Financial literacy training: financial serv-

Page 903 TITLE 10—ARMED FORCES § 992 107–107, div. A, title V, § 592(b), Dec. 28, 2001, 115 Stat. 1125, directed the Secretary of Defense to submit to committees of Congress a report on the administration of this section during fiscal year 2001 not later than Mar. 31, 2002. § 992. Financial literacy training: financial serv- ices (a) REQUIREMENT FOR FINANCIAL LITERACY TRAINING PROGRAM FOR MEMBERS.—(1) The Sec- retary concerned shall carry out a program to provide comprehensive financial literacy train- ing to members of the armed forces under the jurisdiction of the Secretary on— (A) financial services that are available under law to members; (B) financial services that are routinely of- fered by private sector sources to members; (C) practices relating to the marketing of private sector financial services to members; (D) such other matters relating to financial services available to members, and the mar- keting of financial services to members, as the Secretary considers appropriate; and (E) such other financial practices as the Sec- retary considers appropriate. (2) Training under this subsection shall be pro- vided to a member of the armed forces— (A) as a component of the initial entry training of the member; (B) upon arrival at the first duty station of the member; (C) upon arrival at each subsequent duty sta- tion, in the case of a member in pay grade E–6 or below or in pay grade O–3 or below; (D) when the member vests in the Thrift Savings Plan (TSP) under section 8432(g)(2)(C) of title 5; (E) when the member becomes entitled to re- ceive continuation pay under section 356 of title 37, at which time the training shall in- clude, at a minimum, information on options available to the member regarding the use of continuation pay; (F) at

Source: Supplied 2024 U.S. Code historical extraction · 10 U.S.C. § 992

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