United States · Bill · HR
H.R. 500 (118th)
Financial Exploitation Prevention Act of 2023
Introduced
25 January 2023
Last action
—
Status
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsors
—
Subjects
Discovery layer
Source updated
27 May 2025
Summary
Financial Exploitation Prevention Act of 2023 This bill addresses the redemption of securities involving the potential financial exploitation of an adult by allowing an open-end investment company to elect to comply with certain procedures. (Open-end investment management companies offer securities in pooled investment vehicles such as mutual funds.) Specifically, the bill allows for the delay of the redemption of a security issued by an open-end investment management company if the company reasonably believes the redemption involves the financial exploitation of an individual age 65 or older or an individual age 18 or older who is unable to protect his or her own interests. The company may initially delay the redemption for up to 15 days and, upon making a determination of exploitation, may delay the redemption an additional 10 days. In the event of delay, the company must hold the amounts related to the redemption in a demand deposit account. Additionally, the Securities and Exchange Commission must make legislative and regulatory recommendations to address the financial exploitation of these adults.
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Timeline
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Votes
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Versions
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Documents
8 official files
Referred in Senate (text)
Referred in Senate (text)
Referred in Senate · EN · 31 January 2023
Referred in Senate (PDF)
Referred in Senate · EN · 31 January 2023
Engrossed in House (text)
Engrossed in House · EN · 30 January 2023
Engrossed in House (PDF)
Engrossed in House · EN · 30 January 2023
Passed House
summary · EN · 30 January 2023
Introduced in House (text)
Introduced in House · EN · 25 January 2023
Introduced in House (PDF)
Introduced in House · EN · 25 January 2023
Introduced in House
summary · EN · 25 January 2023
Sponsors
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Related records
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Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/118th-congress/house-bill/500
- Open data entity: https://api.congress.gov/v3/bill/118/hr/500