summary
Introduced
05/09/2023
05/09/2023
In Committee
05/09/2023
05/09/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
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.
AI Summary
This bill amends the Investment Company Act of 1940 to allow registered open-end investment companies and their transfer agents to postpone the redemption of certain securities for up to 20 business days if they reasonably believe the redemption is requested by a "specified adult" (someone 65 or older, or 18 and older with a mental or physical impairment) and financial exploitation has occurred, is occurring, or has been attempted. The bill requires these companies and agents to request and retain contact information for an individual who can be notified about potential exploitation, and establishes procedures for handling delayed redemptions. The bill also directs the SEC to submit recommendations to Congress on addressing the financial exploitation of specified adults.
Committee Categories
Housing and Urban Affairs
Sponsors (5)
Last Action
Committee on Banking, Housing, and Urban Affairs. Hearings held. (on 02/01/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/senate-bill/1481/all-info |
| BillText | https://www.congress.gov/118/bills/s1481/BILLS-118s1481is.pdf |
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