; and (2) the Secretary of Defense shall issue regulations to carry out the amendments made by sections 505 and 506. VI Treatment Under Other Laws 601. Insurance and wagering A Qualified ISA and an income-share agreement shall not be treated as a contract for insurance or a betting or wagering contract under any Federal or State law. 602. Payments not considered prepayments With respect to a Qualified ISA or an income-share agreement, any requirement that an individual pay an amount greater than the income-share funding in order to extinguish the Qualified ISA obligation or income-share agreement, as applicable, earlier than the end of the term shall not be subject to any Federal or State law with respect to prepayment penalties. VII Reporting Requirement for the Bureau of Consumer Financial Protection 701. Report Not less than frequently than once every 5 years, the Director of the Bureau of Consumer Financial Protection shall submit to Congress a report that includes— (1) information on the prevalence and utilization of Qualified ISAs and income-share agreements; and (2) any other information pertaining to Qualified ISAs and income-share agreements that the Director determines is appropriate.