Deposit Restricted Qualified Tuition Programs Act of 2010

Bill: 111-hr-4178
Sponsor: Rep. Cleaver, Emanuel [D-MO-5]
Introduced: 2009-12-02 in the House
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital
Higher education
Student aid and college costs

Summary:
action_date: 2009-12-02
text: 

 

 

 
Deposit Restricted Qualified Tuition Programs Act of 2009 - Amends the Federal Deposit Insurance Act to prescribe requirements for deposit restricted qualified tuition programs which are exempt from federal income tax.
 
Defines such a program as one in which: (1) the cash provided to it by a contributor may be invested only in deposits insured by the Federal Deposit Insurance Corporation (FDIC); (2) 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 (3) the program may include multiple depository institutions.
 
Deems a deposit restricted qualified tuition program to be an identified banking product for purposes of the Securities Exchange Act of 1934.
 
Denies treatment as a security under the Securities Act of 1933, the Securities Exchange Act of 1934, or the Investment Company Act of 1940 of: (1) the investment of cash in deposits at an insured depository institution through a deposit restricted qualified tuition program; (2) any certificate of deposit or other instrument evidencing any such deposit; or (3) any participation by a contributor to a deposit restricted qualified tuition program.
 
Declares that in no event shall a deposit restricted qualified tuition program, the state entity designated by statute to oversee such program, or the administrator appointed to operate it on behalf of the state or a participating depository institution, be deemed to be an issuer of a security or an investment company.

action_date: 2010-04-20
text: 
Deposit Restricted Qualified Tuition Programs Act of 2010 - Amends the Federal Deposit Insurance Act to prescribe requirements for deposit restricted qualified tuition programs which are exempt from federal income tax.
 
Defines such a program as one in which: (1) the cash provided to it by a contributor may be invested only in deposits insured by the Federal Deposit Insurance Corporation (FDIC); (2) 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 (3) the program may include multiple depository institutions.
 
Deems a deposit restricted qualified tuition program to be an identified banking product for purposes of the Securities Exchange Act of 1934.
 
Denies treatment as a security under the Securities Act of 1933, the Securities Exchange Act of 1934, or the Investment Company Act of 1940 of: (1) the investment of cash in deposits at an insured depository institution through a deposit restricted qualified tuition program; (2) any certificate of deposit or other instrument evidencing any such deposit; or (3) any participation by a contributor to a deposit restricted qualified tuition program.
 
Declares that in no event shall a deposit restricted qualified tuition program, the state entity designated by statute to oversee such program, or the administrator appointed to operate it on behalf of the state or a participating depository institution, be deemed to be an issuer of a security or an investment company.
 
Declares that 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.
 


Legislative actions:
action_date: 2010-04-22
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2010-04-20
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2010-04-20
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2651)
action_date: 2010-04-20
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H2651)
action_date: 2010-04-20
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 4178.
action_date: 2010-04-20
text: Considered under suspension of the rules. (consideration: CR H2651-2654)
action_date: 2010-04-20
text: Mr. Cleaver moved to suspend the rules and pass the bill, as amended.
action_date: 2009-12-02
text: Referred to the House Committee on Financial Services.
action_date: 2009-12-02
text: Introduced in House
action_date: 2009-12-02
text: Introduced in House