[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 2964 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 2964

 To amend title 36, United States Code, to grant a Federal charter to 
 the Veterans Association of Real Estate Professionals, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

           September 28 (legislative day, September 22), 2023

 Mr. Cardin (for himself and Mr. Braun) introduced the following bill; 
  which was read twice and referred to the Committee on the Judiciary

_______________________________________________________________________

                                 A BILL


 
 To amend title 36, United States Code, to grant a Federal charter to 
 the Veterans Association of Real Estate Professionals, 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. GRANT OF FEDERAL CHARTER TO VETERANS ASSOCIATION OF REAL 
              ESTATE PROFESSIONALS.

    (a) Grant of Charter.--Part B of subtitle II of title 36, United 
States Code, is amended by inserting after chapter 2207 the following 
new chapter:

   ``CHAPTER 2299--VETERANS ASSOCIATION OF REAL ESTATE PROFESSIONALS

``Sec.
``229901. Organization.
``229902. Purposes.
``229903. Membership.
``229904. Governing body.
``229905. Powers.
``229906. Restrictions.
``229907. Tax-exempt status required as condition of charter.
``229908. Records and inspection.
``229909. Service of process.
``229910. Liability for acts of officers and agents.
``229911. Annual report.
``229912. State defined.
``Sec. 229901. Organization
    ``(a) Federal Charter.--The Veterans Association of Real Estate 
Professionals (in this chapter referred to as the `corporation'), a 
nonprofit organization that meets the requirements for a veterans 
service organization under section 501(c)(19) of the Internal Revenue 
Code of 1986 and is organized under the laws of the State of 
California, is a federally chartered corporation.
    ``(b) Expiration of Charter.--If the corporation does not comply 
with the provisions of this chapter, the charter granted by this 
chapter expires.
``Sec. 229902. Purposes
    ``The purposes of the corporation are those provided in its 
articles of incorporation and include the following:
            ``(1) To organize as a veterans service organization to 
        maintain a continuing interest in the welfare of veterans by--
                    ``(A) advocating for and increasing sustainable 
                homeownership;
                    ``(B) providing financial literacy education,
                    ``(C) spreading awareness of housing loans 
                guaranteed by the Secretary of Veterans Affairs; and
                    ``(D) increasing economic opportunities for members 
                of the Armed Forces and veterans.
            ``(2) To establish facilities for the assistance of all 
        veterans, with programs regarding topics including the 
        following:
                    ``(A) financial literacy (including understanding 
                credit);
                    ``(B) workforce development;
                    ``(C) small business incubation and mentorship;
                    ``(D) education regarding housing, including 
                homelessness prevention, rental counseling, foreclosure 
                prevention, and affordable housing opportunities; and
                    ``(E) suicide awareness and prevention.
            ``(3) To provide a forum for real estate and financial 
        service professionals to share ideas, learn, and be empowered 
        to better serve the real estate needs of members of the Armed 
        Forces, veterans, their families, and others.
            ``(4) To collaborate with organizations in the real estate 
        and financial services sector to support employment of, and 
        economic and business development for, veterans.
``Sec. 229903. Membership
    ``Eligibility for membership in the corporation, and the rights and 
privileges of members of the corporation, are as provided in the 
articles and bylaws of the corporation.
``Sec. 229904. Governing body
    ``(a) Board of Directors.--The composition of the board of 
directors of the corporation, and the responsibilities of the board, 
are as provided in the articles of incorporation and bylaws of the 
corporation.
    ``(b) Officers.--The positions of officers of the corporation, and 
the election of the officers, are as provided in such articles of 
incorporation and bylaws.
``Sec. 229905. Powers
    ``The corporation has only those powers provided in its bylaws and 
articles of incorporation filed in the State in which it is 
incorporated.
``Sec. 229906. Restrictions
    ``(a) Stock and Dividends.--The corporation may not issue stock or 
declare or pay a dividend.
    ``(b) Distribution of Income or Assets.--The income or assets of 
the corporation may not inure to the benefit of, or be distributed to, 
a director, officer, or member of the corporation during the life of 
the charter granted by this chapter. This subsection shall not prevent 
the payment of reasonable compensation to an officer or employee of the 
corporation, or reimbursement for actual necessary expenses, in amounts 
approved by the board of directors of the corporation.
    ``(c) Political Activities.--The corporation (or an officer of the 
corporation, in the course of acting in such capacity) may not 
contribute to, support, or participate in any political activity.
    ``(d) Loans.--The corporation may not make a loan to a director, 
officer, employee, or member of the corporation.
    ``(e) Claim of Governmental Approval or Authority.--The corporation 
may not claim congressional approval, or the authority of the United 
States, for any of its activities.
    ``(f) Corporate Status.--The corporation shall maintain its status 
as a corporation incorporated under the laws of the State of 
California.
``Sec. 229907. Tax-exempt status required as condition of charter
    ``If the corporation fails to maintain its status as an 
organization exempt from taxation under the Internal Revenue Code of 
1986, the charter granted by this chapter shall terminate.
``Sec. 229908. Records and inspection
    ``(a) Records.--The corporation shall keep--
            ``(1) correct and complete records of account;
            ``(2) minutes of the proceedings of the members, board of 
        directors, and committees of the corporation having any of the 
        authority of the board of directors;
            ``(3) at the principal office of the corporation, a record 
        of the names and addresses of members of the corporation 
        entitled to vote on matters relating to the corporation; and
            ``(4) the State charter documents, bylaws, and articles of 
        incorporation available to the public on an easily accessible 
        website of the corporation.
    ``(b) Inspection.--A member entitled to vote on any matter relating 
to the corporation, or an agent or attorney of the member, may inspect 
the records of the corporation for any proper purpose, at any 
reasonable time.
``Sec. 229909. Service of process
    ``The corporation shall comply with the law of service of process 
of the State in which it is incorporated and each State in which it 
operates.
``Sec. 229910. Liability for acts of officers and agents
    ``The corporation is liable for the acts of its officers and agents 
acting within the scope of their authority.
``Sec. 229911. Annual report
    ``The corporation shall submit to Congress an annual report on the 
activities of the corporation during the preceding fiscal year. The 
report shall be submitted at the same time as the report of the audit 
required by section 10101 of this title. The report may not be printed 
as a public document.
``Sec. 229912. State defined
    ``For purposes of this chapter, the term `State' means each of the 
several States, the District of Columbia, the Commonwealth of Puerto 
Rico, or a territory or possession of the United States.''.
    (b) Clerical Amendment.--The table of chapters at the beginning of 
title 36, United States Code, is amended by inserting after the item 
relating to chapter 2207 the following new item:

``2299.  Veterans Association of Real Estate Professionals..  229901''.
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