Commercial Barter Exchange Self-Regulation Act of 1985

Summary

Commercial Barter Exchange Self-Regulation Act of 1985 - Title I: Licensed Barter Exchanges - Part A: Licensing Procedure - Requires barter exchanges to be licensed by the Secretary of Commerce (the Secretary). Sets forth information to be included in a license application filed with the Secretary. Requires the Secretary or a designated registered national barter association to investigate the qualifications of an applicant and, within 90 days of submission of the application, to: (1) grant a license; or (2) institute proceedings to allow the applicant to show why the license should not be denied. Provides for withdrawal, cancellation, or suspension of a barter exchange license. Part B: Licensing Standards and Enforcement - Sets forth the circumstances which would require the Secretary to take action against a barter exchange or a person associated with a barter exchange, including: (1) submission by the exchange to the Secretary of false or misleading information; (2) conviction of a felony within the ten years preceding the submission of the application; and (3) violations of this Act. Sets forth provisions governing barter exchange operation and training standards, rules and regulations, and fees. Prohibits using the mails or any instrumentality of interstate commerce to promote, organize, or operate a barter exchange unless the barter exchange is licensed under this Act. Authorizes the Secretary to have access to the books and records of a barter exchange. Title II: Registered National Barter Associations - Requires each association that wants to operate as a registered national barter association to file an application with the Secretary. Sets forth: (1) the qualifications for a registered national barter association; and (2) administrative provisions governing the grant or denial of registration, withdrawal of registration, changes in association rules, rules which require membership in the association, and review of association disciplinary action or denial of membership. Authorizes the Secretary, after appropriate notice and opportunity for hearing, to: (1) suspend or revoke the registration of a registered national barter association; (2) suspend or expel from such an association any member or bar any person from being associated with a member; and (3) remove from office any officer or director of such an association. Authorizes a registered national barter association to perform any portion of the licensing functions under this Act. Title III: General Provisions - Grants the Secretary exclusive Federal jurisdiction over the regulation of barter exchanges. Excludes from the provisions of this Act export trading companies or persons who engage in international barter transactions without using a barter exchange. Authorizes the Secretary to establish and maintain research and information programs relating to barter transactions.

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1 official file

• Introduced in House

  summary · EN · 20 February 1986

  Open at official source

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