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Money and Mobility: For Military Personnel and Families
This publication has covered many topics that apply to both active duty military and to
Reserve and National Guard members. It’s a lot to absorb. We hope you will keep
this publication with you for years to come and refer to it from time to time. The staffs
at the National Endowment for Financial Education, FINRA Investor Education
Foundation, and the National Military Family Association are proud of your efforts
and your commitment to our nation’s defense. We extend our sincere best wishes
to you for a successful and rewarding military career and a life of financial security.
Following are summaries of your military rights and benefits discussed throughout
this publication. The summaries include Web resources and contacts for more
information, as well as the page in this publication on which the right or benefit
was introduced.
| Summary of Legal Rights that Affect Your Financial Well-Being |
| Category |
Name
(links to the publication resource) |
Provision |
| Lending |
Military Lending Act (MLA) |
Protects servicemembers from predatory lenders; all lenders must disclose, orally and in writing, your rights before you commit to a credit transaction. |
| Insurance, Leases, Loans, and Civil Court Actions |
Servicemembers' Civil Relief Act (SCRA) |
States interest rate caps on loans (except federally guaranteed student loans); termination and reinstatement laws for leases, life insurance, health care, and housing; and delay requirements for civil court actions. |
| Employment |
Uniformed Services Employment and Reemployment Rights Act (USERRA) |
Requires employers to give you your job back when you return home; and to keep you on their health care plan, at a cost, or reinstate you with no waiting period when you return home. |
| Income Tax |
Military Family Tax Relief Act |
Provides tax breaks to military personnel in these areas: death benefits, sale of principal residence, overnight travel (National Guard and Reserve), homeowner assistance, tax filing extension, dependent care, qualified college savings accounts. For more information, read the Armed Forces' Tax Guide, Publication 3, visit www.irs.gov, or call 1-800-829-3676. |
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