HR 458 · 109th Congress · Finance and Financial Sector

Military Personnel Financial Services Protection Act

Introduced 2005-02-01· Sponsored by Rep. Davis, Geoff [R-KY-4]· House

Bill Progress

Introduced
Committee
House Vote
4
Senate
5
Enacted
Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.(2005-06-28)

Recorded Votes

PassedHouse · 2005-06-28
Roll #324
Yea 405Nay 2
Democrats
187 Yea·0 Nay
Republicans
217 Yea·2 Nay
PassedHouse · 2005-06-28
Roll #324
Yea 405Nay 2
Democrats
187 Yea·0 Nay
Republicans
217 Yea·2 Nay

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Plain Language Summary

[AI summary unavailable — showing source text] 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 main…

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

CBO Cost Estimate

Congressional Budget Office

H.R. 458, Military Personnel Financial Services Protection Act

Apr 4, 2005

<p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on March 16, 2005</p>

Full CBO report ↗

H.R. 458, Military Personnel Financial Services Protection Act

Apr 4, 2005

Cost estimate for the bill as ordered reported by the House Committee on Financial Services on March 16, 2005

Full CBO report ↗

Official non-partisan budget analysis by the Congressional Budget Office

Cosponsors (19)

4 Democrats15 Republicans