H.R.3389 - Depository Institution Mutual Fund Sales Act103rd Congress (1993-1994)
|Sponsor:||Rep. Neal, Richard E. [D-MA-2] (Introduced 10/27/1993)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||10/28/1993 Sponsor introductory remarks on measure. (CR E2720) (All Actions)|
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Text: H.R.3389 — 103rd Congress (1993-1994)All Information (Except Text)
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Introduced in House (10/27/1993)
[Congressional Bills 103th Congress] [From the U.S. Government Printing Office] [H.R. 3389 Introduced in House (IH)] 103d CONGRESS 1st Session H. R. 3389 To amend the Federal Deposit Insurance Act to require insured depository institutions to provide notify customers who purchase mutual funds on the premise of the institution that such mutual funds are not insured deposits, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES October 27, 1993 Mr. Neal of Massachusetts introduced the following bill; which was referred to the Committee on Banking, Finance and Urban Affairs _______________________________________________________________________ A BILL To amend the Federal Deposit Insurance Act to require insured depository institutions to provide notify customers who purchase mutual funds on the premise of the institution that such mutual funds are not insured deposits, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Depository Institution Mutual Fund Sales Act''. SEC. 2. DEPOSITORY INSTITUTION MUTUAL FUND SALE DISCLOSURE REQUIREMENTS. Section 18 of the Federal Deposit Insurance Act (12 U.S.C. 1828) is amended by adding at the end the following new subsection: ``(q) Depository Institution Mutual Fund Sales.-- ``(1) Disclosure required.--An insured depository institution shall require any person who sells or offers for sale, at any office of the institution, any shares issued by a registered investment company to disclose, in writing, to any person who purchases, seeks to purchase, or seeks an opinion or investment advice about, any such shares that such shares are not deposits and are not insured by the Corporation or the Federal Government. ``(2) Advertising and promotional material.--An insured depository institution shall-- ``(A) include in any advertisement, solicitation, or promotional or sales material issued by the institution which relates to any shares issued by a registered investment company which are sold, or offered for sale, at any office of the institution (including any solicitation contained in any periodic statement issued by the institution), and any sale confirmation notice issued in connection with any such shares, the disclosures required under paragraph (1); and ``(B) require any person who sells or offers to sell any such shares at any office of the institution to comply with the requirements of subparagraph (A) with respect to any advertisement, solicitation, or promotional or sales material issued by such person in connection with such sales.''. <all>