The House of Representatives overwhelmingly voted in favor of the Military Personnel Financial Services Protection Act on Thursday, by a vote of 418:3.

The bill is similar to another one introduced in the House in February 2005 and approved by a 405:2 vote the following June.

Designed to protect military personnel from fraud, it pans misleading insurance policies and a type of mutual fund with high sales charges, often as much as half of the first year's contributions, called a periodic payment plan certificate.

It also requires the Department of Defense to maintain a list of agents banned from selling on military bases and lays out requirements for clearer disclosure.

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