HR 3997 · 106th Congress · Finance and Financial Sector

Money Return Act of 2000

Introduced 2000-03-15· Sponsored by Rep. Wilson, Heather [R-NM-1]· House

Bill Progress

Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the Subcommittee on Finance and Hazardous Materials.(2000-03-22)

Plain Language Summary

[AI summary unavailable — showing source text] Money Return Act of 2000 - Title I: Responsibilities of the Securities and Exchange Commission - Amends the Securities Exchange Act of 1934 to mandate that registered issuers of securities exercise due diligence in delivering dividends, interest, and other valuable property rights to their owners. Requires the Securities and Exchange Commission (SEC) to extend the application of regulations governing the obligation of transfer agents to search for lost security holders to: (1) paying agents, including the obligation to use database searches; and (2) security holders who became lost security holders before a specified date. Prescribes notification procedures. Directs the SEC to establish a database accessible from the Internet with a listing of lost security holders and the issuers or paying agents obligated to deliver them their dividends, interest, and other valuable property rights. Requires that issuers or paying agents hold in trust the amounts to which security holders are entitled, including any accrued interest. Sets forth implementation guidelines. Title II: United States Money Return Commission - Establishes the United States Money Return Commission to: (1) collect and pub…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (2)

2 Republicans