To amend the Investment Company Act of 1940 to postpone the date of payment or satisfaction upon redemption of certain securities in the case of the financial exploitation of specified adults, and for other purposes.
Sponsors
Legislative Progress
ReportedAdditional sponsors: Mr. Huizenga, Mr. Vindman, Mr. Fields, Mr. Sessions, …
Reported with an amendment, committed to the Committee of the …
Mrs. Wagner (for herself, Mr. Gottheimer, Mr. Garbarino, Mr. Steil, …
Summary
What This Bill Does
Allows investment companies and transfer agents to delay fund redemptions when they suspect financial exploitation of an elderly or vulnerable customer. Requires collection of trusted contact information from customers.
Who Benefits and How
Elderly investors gain protection against financial exploitation through redemption delays. Investment companies get legal protection for acting on exploitation concerns. Families benefit when scams targeting elderly relatives are stopped.
Who Bears the Burden and How
Investment companies must implement trusted contact collection systems. Legitimate redemption requests may be delayed during investigation. Customers must provide trusted contact information.
Key Provisions
- Allows 15-business-day redemption delay for suspected exploitation
- Requires collection of trusted contact information
- Creates safe harbor for companies acting in good faith
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
Allows investment companies to delay redemptions when financial exploitation of elderly customers is suspected
Policy Domains
Legislative Strategy
"Protect elderly investors from financial exploitation"
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "commission"
- → SEC
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology