Summary
The Military Personnel Financial Services Protection Act (Public Law 109-290) was designed to protect service members from predatory and misleading financial sales practices on military bases. It officially bans the sale of high-cost "periodic payment plans" and requires insurance agents to provide clear, written disclosures that distinguish private life insurance from government-sponsored programs. Additionally, the law empowers state regulators to oversee financial activities on federal land and requires the Department of Defense to maintain a list of barred financial advisors to prevent known bad actors from operating on installations.
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