A bill to amend title 36, United States Code, to grant a Federal charter to the Veterans Association of Real Estate Professionals, and for other purposes.

Bill: 118-s-2964
Sponsor: full_name: Sen. Cardin, Benjamin L. [D-MD]
Introduced: 2023-09-28
Policy area: Armed Forces and National Security
Subjects: Business records

Congressional oversight

Federally chartered organizations

Government information and archives

Military personnel and dependents

Real estate business

Veterans' loans, housing, homeless programs

Veterans' organizations and recognition
Latest action: action_date: 2023-09-28
text: Read twice and referred to the Committee on the Judiciary.

Summaries:
action_date: 2023-09-28
action_desc: Introduced in Senate
text: <p>This bill grants a federal charter to the Veterans Association of Real Estate Professionals, which is a nonprofit organization that provides housing counseling to veterans and active members of the Armed Forces. </p>

tv_txt: II 118th CONGRESS 1st Session S. 2964 IN THE SENATE OF THE UNITED STATES September 28 (legislative day, September 22), 2023 Mr. Cardin (for himself and Mr. Braun ) introduced the following bill; which was read twice and referred to the Committee on the Judiciary A BILL To amend title 36, United States Code, to grant a Federal charter to the Veterans Association of Real Estate Professionals, and for other purposes.

1. Grant of Federal charter to Veterans Association of Real Estate Professionals (a) Grant of charter Part B of subtitle II of title 36, United States Code, is amended by inserting after chapter 2207 the following new chapter: 2299 Veterans Association of Real Estate Professionals Sec. 229901. Organization. 229902. Purposes. 229903. Membership. 229904. Governing body. 229905. Powers. 229906. Restrictions. 229907. Tax-exempt status required as condition of charter. 229908. Records and inspection. 229909. Service of process. 229910. Liability for acts of officers and agents. 229911. Annual report. 229912. State defined. 229901. Organization (a) Federal charter The Veterans Association of Real Estate Professionals (in this chapter referred to as the corporation ), a nonprofit organization that meets the requirements for a veterans service organization under section 501(c)(19) of the Internal Revenue Code of 1986 and is organized under the laws of the State of California, is a federally chartered corporation. (b) Expiration of charter If the corporation does not comply with the provisions of this chapter, the charter granted by this chapter expires. 229902. Purposes The purposes of the corporation are those provided in its articles of incorporation and include the following: (1) To organize as a veterans service organization to maintain a continuing interest in the welfare of veterans by— (A) advocating for and increasing sustainable homeownership; (B) providing financial literacy education, (C) spreading awareness of housing loans guaranteed by the Secretary of Veterans Affairs; and (D) increasing economic opportunities for members of the Armed Forces and veterans. (2) To establish facilities for the assistance of all veterans, with programs regarding topics including the following: (A) financial literacy (including understanding credit); (B) workforce development; (C) small business incubation and mentorship; (D) education regarding housing, including homelessness prevention, rental counseling, foreclosure prevention, and affordable housing opportunities; and (E) suicide awareness and prevention. (3) To provide a forum for real estate and financial service professionals to share ideas, learn, and be empowered to better serve the real estate needs of members of the Armed Forces, veterans, their families, and others. (4) To collaborate with organizations in the real estate and financial services sector to support employment of, and economic and business development for, veterans. 229903. Membership Eligibility for membership in the corporation, and the rights and privileges of members of the corporation, are as provided in the articles and bylaws of the corporation. 229904. Governing body (a) Board of directors The composition of the board of directors of the corporation, and the responsibilities of the board, are as provided in the articles of incorporation and bylaws of the corporation. (b) Officers The positions of officers of the corporation, and the election of the officers, are as provided in such articles of incorporation and bylaws. 229905. Powers The corporation has only those powers provided in its bylaws and articles of incorporation filed in the State in which it is incorporated. 229906. Restrictions (a) Stock and dividends The corporation may not issue stock or declare or pay a dividend. (b) Distribution of income or assets The income or assets of the corporation may not inure to the benefit of, or be distributed to, a director, officer, or member of the corporation during the life of the charter granted by this chapter. This subsection shall not prevent the payment of reasonable compensation to an officer or employee of the corporation, or reimbursement for actual necessary expenses, in amounts approved by the board of directors of the corporation. (c) Political activities The corporation (or an officer of the corporation, in the course of acting in such capacity) may not contribute to, support, or participate in any political activity. (d) Loans The corporation may not make a loan to a director, officer, employee, or member of the corporation. (e) Claim of governmental approval or authority The corporation may not claim congressional approval, or the authority of the United States, for any of its activities. (f) Corporate status The corporation shall maintain its status as a corporation incorporated under the laws of the State of California. 229907. Tax-exempt status required as condition of charter If the corporation fails to maintain its status as an organization exempt from taxation under the Internal Revenue Code of 1986, the charter granted by this chapter shall terminate. 229908. Records and inspection (a) Records The corporation shall keep— (1) correct and complete records of account; (2) minutes of the proceedings of the members, board of directors, and committees of the corporation having any of the authority of the board of directors; (3) at the principal office of the corporation, a record of the names and addresses of members of the corporation entitled to vote on matters relating to the corporation; and (4) the State charter documents, bylaws, and articles of incorporation available to the public on an easily accessible website of the corporation. (b) Inspection A member entitled to vote on any matter relating to the corporation, or an agent or attorney of the member, may inspect the records of the corporation for any proper purpose, at any reasonable time. 229909. Service of process The corporation shall comply with the law of service of process of the State in which it is incorporated and each State in which it operates. 229910. Liability for acts of officers and agents The corporation is liable for the acts of its officers and agents acting within the scope of their authority. 229911. Annual report The corporation shall submit to Congress an annual report on the activities of the corporation during the preceding fiscal year. The report shall be submitted at the same time as the report of the audit required by section 10101 of this title. The report may not be printed as a public document. 229912. State defined For purposes of this chapter, the term State means each of the several States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or possession of the United States. . (b) Clerical amendment The table of chapters at the beginning of title 36, United States Code, is amended by inserting after the item relating to chapter 2207 the following new item: 2299. Veterans Association of Real Estate Professionals 229901 .