H.R. 4966 · 111th Congress
Stored Value Device Registration and Reporting Act of 2010
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
GiffordsSponsor1 cosponsor · 1 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Stored Value Device Registration and Reporting Act of 2010 - Treats as a financial institution subject to federal regulation any person engaged in the business of issuing stored value devices or processing transactions related to such devices, including accessing information pertaining to the funds stored on a device, retrieving such funds, or adding funds…
What it does: CRS summary · Introduced in House · Mar 25, 2010
Stored Value Device Registration and Reporting Act of 2010 - Treats as a financial institution subject to federal regulation any person engaged in the business of issuing stored value devices or processing transactions related to such devices, including accessing information pertaining to the funds stored on a device, retrieving such funds, or adding funds to be stored on the device.
Treats such stored value devices as monetary instruments. Prescribes procedures for mandatory registration of such devices with the Secretary of the Treasury. Subjects to a civil penalty noncompliance with such requirement
Instructs the Secretary to: (1) prescribe regulations establishing a threshold point under which small stored value device businesses are exempt from such registration requirements; and (2) study and report to Congress on specified uses of such devices, including the extent to which they are used to provide payments related to drug trafficking and human trafficking or financial support to terror cells operating within the United States.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Stored Value Device Registration and Reporting Act of 2010
Latest action (Mar 25, 2010): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 25, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.