Legislative Oversight

Stable identifiers

{
  "congress": 119,
  "bill_type": "hr",
  "bill_number": 2478,
  "sponsor_bioguide_id": null
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Canonical URL: https://www.congress.gov/bill/119th-congress/house-bill/2478

Official text excerpt

119 HR 2478 IH: Financial Exploitation Prevention Act of 2025 
 U.S. House of Representatives 
 2025-03-27 
 text/xml 
 EN 
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. 
 
 
 
 I 119th CONGRESS 1st Session H. R. 2478 IN THE HOUSE OF REPRESENTATIVES March 27, 2025 Mrs. Wagner (for herself, Mr. Gottheimer , Mr. Garbarino , Mr. Steil , Mrs. Kim , Ms. Perez , and Mr. Lawler ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Investment Company Act of 1940 to postpone the date of payment or satisfaction upon redemption of certain securities in the case of the financial exploitation of specified adults, and for other purposes. 1. Short title This Act may be cited as the Financial Exploitation Prevention Act of 2025 . 2. Redemption of certain securities postponed (a) In general Section 22 of the Investment Company Act of 1940 ( 15 U.S.C. 80a–22 ) is amended by adding at the end the following: (h) Requirements with respect to non-Institutional direct at-Fund accounts (1) Election (A) In general A registered open-end investment company and a transfer agent described under paragraph (2) may elect to comply with the requirements under paragraph (2) and subsection (i) by notifying the Commission of such election. (B) Effect of election Paragraph (2) and subsection (i) shall only apply to a registered open-end investment company and a transfer agent that have made the election under subparagraph (A). (2) Requirements In the case of a customer who is a holder of a non-institutional account held directly with a registered open-end investment company and serviced by a transfer agent (a direct-at-fund account ), the company and transfer agent shall— (A) request from such customer the name and contact information of at least one individual who— (i) is at the time of such request an adult; and (ii) may be contacted with respect to suc…

Raw official payload (JSONB)

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Contributing member votes

Citations

• Congress.gov