Deposit Restricted Qualified Tuition Programs Act of 2010

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

8 official files

• Referred in Senate (text)

  Referred in Senate · EN · 22 April 2010

  ViewDownloadOpen at official source

• Referred in Senate (PDF)

  Referred in Senate · EN · 22 April 2010

  ViewDownloadOpen at official source

• Engrossed in House (text)

  Engrossed in House · EN · 20 April 2010

  ViewDownloadOpen at official source

• Engrossed in House (PDF)

  Engrossed in House · EN · 20 April 2010

  ViewDownloadOpen at official source

• Passed House amended

  summary · EN · 20 April 2010

  Open at official source

• Introduced in House (text)

  Introduced in House · EN · 2 December 2009

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 2 December 2009

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 2 December 2009

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.