SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Deposit Restricted 
Qualified Tuition Programs Act of 2010’’. 
SEC. 2. DEPOSIT RESTRICTED QUALIFIED TUITION PRO-
GRAMS. 
Section 18 of the Federal Deposit Insurance Act (12 
U.S.C. 1828) is amended by adding at the end the fol-
lowing new subsection: 
‘‘(y) DEPOSIT RESTRICTED QUALIFIED TUITION 
PROGRAMS.— 
‘‘(1) DEFINITIONS.—For purposes of this sub-
section, the following definitions shall apply: 
‘‘(A) DEPOSIT
RESTRICTED
QUALIFIED 
TUITION
PROGRAM.—The term ‘deposit re-
stricted qualified tuition program’ means a 
qualified tuition program in which— 
‘‘(i) the cash provided by a contrib-
utor to such a qualified tuition program 
may be invested only in deposits insured by 
the Corporation; 
‘‘(ii) the contributor may become a 
participant in the program by depositing 
funds through the program into an account 
at a depository institution participating in 
the program; and
‘‘(iii) the program may include mul-
tiple depository institutions, subject to the 
requirements of section 529 of the Internal 
Revenue Code of 1986, as amended. 
‘‘(B) QUALIFIED TUITION PROGRAM.—The 
term ‘qualified tuition program’ has the same 
meaning as in section 529 of the Internal Rev-
enue Code of 1986, as amended. 
‘‘(2) TREATMENT.—Notwithstanding any other 
provision of the law, the following provisions shall 
apply with respect to any deposit restricted qualified 
tuition program: 
‘‘(A) A deposit restricted qualified tuition 
program shall be deemed to be an ‘identified 
banking product’ (as defined in Section 206 of 
the Gramm-Leach-Bliley Act of 1999) for pur-
poses of the Securities Exchange Act of 1934. 
‘‘(B) None of the following shall be treated 
as a security, as defined in section 2(a)(1) the 
Securities Act of 1933, section 3(a)(10) of the 
Securities Exchange Act of 1934, or section 
2(a)(36) of the Investment Company Act of 
1940:
‘‘(i) The deposits of cash at an in-
sured depository institution relating to a 
deposit restricted tuition program. 
‘‘(ii) Any certificate of deposit or 
other instrument of an insured depository 
institution evidencing any such deposit. 
‘‘(iii) The rights and obligations of 
participants in a deposit restricted quali-
fied tuition program arising from section 
529 of the Internal Revenue Code, as 
amended. 
‘‘(C) In no event shall a deposit restricted 
qualified tuition program, the State entity des-
ignated by statute to oversee such program, the 
administrator appointed to operate the program 
on behalf of the State or a participating deposi-
tory institution, be deemed to be an issuer of a 
security or to be an investment company (as de-
fined in section 3(a) of the Investment Com-
pany Act of 1940).’’. 
SEC. 3. BUDGET COMPLIANCE. 
The budgetary effects of this Act, for the purpose of 
complying with the Statutory Pay-As-You-Go Act of 2010, 
shall be determined by reference to the latest statement 
titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this
Act, submitted for printing in the Congressional Record 
by the Chairman of the Committee on the Budget of the 
House of Representatives, provided that such statement 
has been submitted prior to the vote on passage. 
Passed the House of Representatives April 20, 2010. 
Attest: 
Clerk.
111TH CONGRESS 
2D SESSION 
H. R. 4178 
AN ACT 
To amend the Federal Deposit Insurance Act to 
provide for deposit restricted qualified tuition 
programs, and for other purposes.