Which act was passed to protect military personnel from unethical business practices?

The Military Personnel Financial Services Protection Act was specifically designed to protect military personnel from predatory lending practices and ensure that they have access to fair and transparent financial services. This legislation addresses various unethical business practices that may take advantage of service members due to their unique financial situations and the nature of their service.

The act includes provisions that limit the interest rates on certain loans and provide critical disclosures to ensure that military members are fully informed about the terms of financial products. It aims to create a safeguard against exploitation, ensuring that service members can secure financial services without falling victim to unfair practices that can lead to significant financial distress.

In contrast, the other acts mentioned focus on broader consumer rights and protections but do not specifically address the unique challenges faced by military personnel. The Fair Debt Collection Practices Act regulates the behavior of debt collectors, the Consumer Credit Protection Act provides general rules for credit and lending practices, and the Truth in Lending Act mandates clear disclosure of loan terms to consumers overall, but none are specifically tailored to the circumstances and protections relevant to military members.