H.R. 461 · 109th Congress
Military Personnel Financial Services Protection Act
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
EmanuelSponsor7 cosponsors · 7 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Feb 1, 2005
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Military Personnel Financial Services Protection Act
Latest action (Feb 1, 2005): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Feb 1, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.