legislation: 100-s-2017
Data license: Public Domain (U.S. Government data) · Data source: Federal Register API & Regulations.gov API
This data as json
| bill_id | congress | bill_type | bill_number | title | policy_area | introduced_date | latest_action_date | latest_action_text | origin_chamber | sponsor_name | sponsor_state | sponsor_party | sponsor_bioguide_id | cosponsor_count | summary_text | update_date | url |
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| 100-s-2017 | 100 | s | 2017 | Receivable-Related Securities Market Improvement Act of 1988 | Finance and Financial Sector | 1988-02-01 | 1988-02-01 | Read twice and referred to the Committee on Banking. | Senate | Sen. Shelby, Richard C. [D-AL] | AL | D | S000320 | 0 | Receivable-Related Securities Market Improvement Act of 1988 - Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to include receivable-related securities as types of securities regulated by such Acts. Defines "receivable-related security." Exempts from the registration requirements of the Securities Act of 1933 transactions involving one or more receivable-related securities offered or sold if the terms of such sale require that: (1) the minimum aggregate sales price per purchaser be not less than $250,000; (2) payment of the sales price by the purchaser be made with cash within 120 days of the date of sale; and (3) each purchaser buy for his own account. Amends the Securities Exchange Act of 1934 to exempt from the restrictions concerning borrowing in the course of business and the extension of credit by members of exchanges, brokers, and dealers certain transactions involving receivable-related securities. Preempts State investment laws in order to allow Federal or State-regulated business entities to purchase certain receivable-related securities to the same extent as if they were securities issued or guaranteed by the Government, unless a State enacts a law within seven years after the enactment of this Act to prohibit or limit such purchases. Exempts receivable-related securities from State laws requiring the registration or qualification of securities to the same extent as Federal Government securities. Allows States to enact laws within seven years after enactment of this Act to require registration or qualification of any such security on terms that differ from those applicable to Federal Government securities. Requires the Federal Reserve Board, pursuant to its authority to impose reserve requirements on deposits, to provide an exception from the definition of deposit for obligations arising from the sales with recourse of pools of receivables where the recourse is limited to no more than a ten percent interest in the pool. Requires the Securities and Exchange Commission to provide for the shelf registration of receivable-related pass-through securities which are to be offered on a delayed or continuing basis in the future. | 2025-08-28T20:06:44Z |