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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
12/18/2007--Passed House amended. Veterans Guaranteed Bonus Act of 2007 - Veterans Guaranteed Bonus Act of 2007 - Requires a member of the Armed Forces who receives a bonus or similar benefit subject to the condition that the member continue to satisfy certain eligibility requirements to repay the unearned portion of the bonus or similar benefit if the member fails to satisfy the eligibility requirements and prohibits receiving any unpaid amounts, unless the Secretary concerned determines that the imposition of the repayment requirement and termination of the payment of unpaid amounts of the bonus or similar benefit would be contrary to a personnel policy or management objective, would be against equity and good conscience, or would be contrary to the best interests of the United States.
Provides that if a member dies (other than as a result of their own misconduct) or is separated or retired due to a combat-related injury, then the Secretary concerned shall: (1) not require repayment by the member or member's estate of the unearned portion of any bonus or special pay previously paid to the member; and (2) require the payment to the member or member's estate of the remainder of any bonus or special pay not yet paid, but to which the member was entitled to immediately before their death, retirement, or separation. Requires the latter payment to made in a lump sum within 90 days after such death, retirement, or separation.
Provides the same discretionary authority and requirements as above for the Secretary concerned with respect to repayment by a member of the unearned portion of any military bonus, special pay, or similar benefit when the member fails to satisfy any service or eligibility requirement.