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HR 3599 111th Congress House Finance and Financial Sector Bank accounts, deposits, capital Higher education Student aid and college costs

Deposit Restricted Qualified Tuition Programs Act of 2009

Introduced: September 17, 2009 Introduced by: Cleaver, Emanuel Democratic · Missouri See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 17, 2009
Referred to the House Committee on Financial Services.
Sep 17, 2009
Sponsor introductory remarks on measure. (CR E2305)
Sep 17, 2009
Introduced in House
 Plain-English summary Congressional Research Service

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 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 be deemed to be an issuer of a security or an investment company.

What's happening now September 17, 2009

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1