3.0.0 2905 2023-01-14T22:48:36Z 2023-01-14T22:48:36Z Senate S S 2004-10-06 108 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2004-10-06T22:32:45Z 2004-10-06 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2004-10-06 Sponsor introductory remarks on measure. (CR 10/7/2004 S10578-10579) IntroReferral B00100 9 Library of Congress 2004-10-06 Introduced in Senate IntroReferral 10000 9 Library of Congress E000285 Sen. Enzi, Michael B. [R-WY] MICHAEL ENZI R WY B. N C001041 Sen. Clinton, Hillary Rodham [D-NY] HILLARY CLINTON D NY R 2004-10-06 True H001028 Sen. Hagel, Chuck [R-NE] CHUCK HAGEL R NE 2004-10-06 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2004-10-06 True M000702 Sen. Mikulski, Barbara A. [D-MD] BARBARA MIKULSKI D MD ANN 2004-10-08 False Finance and Financial Sector Administrative procedure Administrative remedies Armed Forces and National Security Brokers Choice of law Civil service retirement Commerce Congress Congressional investigations Congressional reporting requirements Consumer education Department of Defense Disciplining of employees Families Federal-state relations Financial services Fraud Government Operations and Politics Government life insurance Government paperwork Independent regulatory commissions Insurance agents Insurance companies Investment advisers Investments Labor and Employment Law Legislation Life insurance Military bases Military dependents Military pensions Military personnel Mutual funds Personal budgets Restrictive trade practices Sales promotion Science, Technology, Communications Securities and Exchange Commission Securities industry Securities regulation Standards State laws Tax-deferred compensation plans Telephone Finance and Financial Sector 00 2004-10-06 Introduced in Senate 2004-11-18T16:30:46Z Military Personnel Financial Services Protection Act - Amends the Investment Company Act of 1940 to state it is unlawful: (1) for any registered investment company to issue any periodic payment plan certificate; or (2) for such company or any other person to sell such a certificate.

Amends the Securities Exchange Act of 1934 to require a registered securities association to establish a system for collecting and retaining registration, disciplinary, and other information, including a toll-free telephone listing for prompt response to inquiries regarding registration information on members.

Amends the Investment Advisers Act of 1940 to authorize the Securities and Exchange Commission (SEC) to require an investment adviser to file with the SEC, through any designated entity, any fee, application, report, or notice required to be filed. Directs the SEC to require such entity to establish and maintain a toll-free telephone listing, or a readily accessible electronic or other process, to receive and promptly respond to inquiries regarding registration, disciplinary, and other information involving investment advisers and associated persons.

States that any State law, regulation, or order regarding the business of insurance shall apply to insurance activities conducted on Federal land or facilities in the United States and abroad, including military installations, unless specified conditions exist.

Prohibits an insurer or producer from selling or soliciting in person any life insurance product to any member of the Armed Forces on a Federal military installation, unless specified written disclosures have been provided before the sale.

Expresses the sense of Congress that the National Association of Insurance Commissioners should study and report to certain congressional committees on ways of improving the quality and sale of life insurance products sold by insurers and producers on Federal military installations.

Prohibits any insurer from contracting with an insurance producer that solicits or sells life insurance on U.S. military installations unless the insurer has implemented a system to report to certain State insurance commissioners any disciplinary actions taken against the producer with respect to such sales or solicitations.

Requires the Secretary of Defense to establish a registry of insurance agents and financial advisors that have been barred or banned from doing business on Federal military installations.

]]> Military Personnel Financial Services Protection Act Display Title Military Personnel Financial Services Protection Act Official Title as Introduced A bill to protect members of the Armed Forces from unscrupulous practices regarding sales of insurance, financial, and investment products. Introduced in Senate IS Short Titles as Introduced Military Personnel Financial Services Protection Act Introduced in Senate 2004-10-06T04:00:00Z 2004-10-06 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.