I 
111TH CONGRESS 
1ST SESSION H. R. 3551 
To protect older Americans from misleading and fraudulent marketing 
practices, with the goal of increasing retirement security. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 10, 2009 
Mr. HODES (for himself and Ms. MOORE of Wisconsin) introduced the fol-
lowing bill; which was referred to the Committee on the Judiciary, and 
in addition to the Committee on Financial Services, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
of such provisions as fall within the jurisdiction of the committee con-
cerned 
A BILL 
To protect older Americans from misleading and fraudulent 
marketing practices, with the goal of increasing retire-
ment security. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Senior Investment Pro-
tection Act of 2009’’. 
SEC. 2. FINDINGS. 
Congress finds that— 
VerDate Nov 24 2008 
22:11 Sep 10, 2009
Jkt 079200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H3551.IH
H3551
jlentini on DSKJ8SOYB1PROD with BILLS
(1) many seniors are targeted by salespersons 
and advisers using misleading certifications and pro-
fessional designations; 
(2) many certifications and professional des-
ignations used by salespersons and advisers rep-
resent limited training or expertise, and may in fact 
be of no value with respect to advising seniors on fi-
nancial and estate planning matters, and far too 
often, such designations are obtained simply by at-
tending a weekend seminar and passing an open 
book, multiple choice test; 
(3) many seniors have lost their life savings be-
cause salespersons and advisers holding a misleading 
designation have steered them toward products that 
were unsuitable for them, given their retirement 
needs and life expectancies; 
(4) seniors have a right to clearly know whether 
they are working with a qualified adviser who under-
stands the products and is working in their best in-
terest or a self-interested salesperson or adviser ad-
vocating particular products; and 
(5) many existing State laws and enforcement 
measures addressing the use of certifications, profes-
sional designations, and suitability standards in sell-
ing financial products to seniors are inadequate to 
VerDate Nov 24 2008 
22:11 Sep 10, 2009
Jkt 079200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H3551.IH
H3551
jlentini on DSKJ8SOYB1PROD with BILLS
protect senior investors from salespersons and advis-
ers using such designations. 
SEC. 3. DEFINITIONS. 
As used in this Act— 
(1) the term ‘‘misleading designation’’— 
(A) means the use of a purported certifi-
cation, professional designation, or other cre-
dential, that indicates or implies that a sales-
person or adviser has special certification or 
training in advising or servicing seniors; and 
(B) does not include any legitimate certifi-
cation, professional designation, license, or 
other credential, if— 
(i) it has been offered by an academic 
institution having regional accreditation; or 
(ii) it meets the standards for certifi-
cations, licenses, and professional designa-
tions outlined by the North American Se-
curities Administrators Association (in this 
Act referred to as the ‘‘NASAA’’) Model 
Rule on the Use of Senior-Specific Certifi-
cations and Professional Designations, or 
it was issued by or obtained from any 
State; 
VerDate Nov 24 2008 
22:11 Sep 10, 2009
Jkt 079200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H3551.IH
H3551
jlentini on DSKJ8SOYB1PROD with BILLS