Summary: H.R.3997 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for H.R.3997. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/15/2000)

Money Return Act of 2000 - Title I: Responsibilities of the Securities and Exchange Commission - Amends the Securities Exchange Act of 1934 to mandate that registered issuers of securities exercise due diligence in delivering dividends, interest, and other valuable property rights to their owners.

Requires the Securities and Exchange Commission (SEC) to extend the application of regulations governing the obligation of transfer agents to search for lost security holders to: (1) paying agents, including the obligation to use database searches; and (2) security holders who became lost security holders before a specified date. Prescribes notification procedures.

Directs the SEC to establish a database accessible from the Internet with a listing of lost security holders and the issuers or paying agents obligated to deliver them their dividends, interest, and other valuable property rights.

Requires that issuers or paying agents hold in trust the amounts to which security holders are entitled, including any accrued interest. Sets forth implementation guidelines.

Title II: United States Money Return Commission - Establishes the United States Money Return Commission to: (1) collect and publish on the Internet and other media information on all money held by the United States that is owed to any person; (2) establish procedures for the use of state-of-the-art technology to restore such moneys to their rightful owners without charge; and (3) present an annual status report to the President.