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H.R. 461 109th Congress House

Military Personnel Financial Services Protection Act

Official title: To prevent the sale of abusive insurance and investment products to military personnel.

Introduced: February 9, 2005 See on congress.gov
Finance and Financial Sector Administrative procedureArmed Forces and National SecurityBrokersChoice of law
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Civil service retirementCommerceCongressCongressional investigationsCongressional reporting requirementsConsumer complaintsConsumer educationConsumer protectionData banksDepartment of DefenseDirectoriesDisciplining of employeesElectronic data interchangeFamiliesFederal employeesFederal-state relationsFinancial servicesFraudGovernment Operations and PoliticsGovernment life insuranceGovernment paperworkGrievance proceduresIndependent regulatory commissionsInformation disclosure (Securities law)InsuranceInsurance agentsInsurance companiesInvestment advisersInvestmentsJurisdictionLabor and EmploymentLawLegislationLiability (Law)LicensesLife insuranceMilitary basesMilitary dependentsMilitary pensionsMilitary personnelMutual fundsPersonal budgetsProfessional associationsPublic Lands and Natural ResourcesRestrictive trade practicesSales promotionScience, Technology, CommunicationsSecurities and Exchange CommissionSecurities industrySecurities regulationStandardsState lawsTax-deferred compensation plansTelephoneUser charges
This bill died when the 109th Congress ended
It never became law before the 109th Congress (2005–2006) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 1, 2005
Referred to the House Committee on Financial Services.
Feb 1, 2005
Introduced in House
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 Latest action February 1, 2005

Referred to the House Committee on Financial Services.

 Plain-English summary Congressional Research Service

Military Personnel Financial Services Protection Act - Amends the Investment Company Act of 1940 to make it unlawful: (1) for any registered investment company to issue any periodic payment plan certificate; or (2) for such company or any depositor or underwriter of such company, or other person, to sell such a certificate.

Directs the Securities and Exchange Commission (SEC) to report to specified congressional committees on: (1) any measures taken by a registered broker or dealer voluntarily to refund payments made by military service members on any such certificate; and (2) the sales practices of such brokers or dealers on military installations over the past five years.

Amends the Securities Exchange Act of 1934 to require a registered securities association to establish and maintain: (1) a system for collecting and retaining broker/dealer registration information; and (2) a toll-free telephone listing, and a readily accessible process to respond promptly to registration information inquiries.

Amends the Investment Advisers Act of 1940 to authorize the SEC to require an investment adviser to file with the SEC certain documentation. Directs the SEC to require such entity to maintain a toll–free telephone listing or other readily accessible process to receive and promptly respond to registration, disciplinary, and other relevant inquiries.

Prohibits an insurer or producer from: (1) selling or soliciting, in person, any life insurance product to any member of the Armed Forces on a Federal military installation unless certain written disclosures have been provided before the sale; or (2) contracting with an insurance producer that solicits or sells life insurance on U.S. military installations unless the insurer has implemented a system for reporting any disciplinary actions against the producer to the appropriate State insurance commissioner.

Requires the Secretary of Defense to establish a registry of insurance agents and financial advisors that have been barred or banned from doing business on Federal military installations.

 Related & companion bills 2
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). H.R. 461: Military Personnel Financial Services Protection Act. 109th Congress. Open America. https://openamerica.io/bill/109-HR-461/
MLA
"H.R. 461: Military Personnel Financial Services Protection Act." 109th Congress, 2026, Open America, https://openamerica.io/bill/109-HR-461/.
Bluebook (legal)
H.R. 461, 109th Cong. (2026), https://openamerica.io/bill/109-HR-461/.
Markdown link
[H.R. 461: Military Personnel Financial Services Protection Act](https://openamerica.io/bill/109-HR-461/)
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