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  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Financial Services
    IntroducedSeptember 17th, 2009

Bill Details

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Title

Deposit Restricted Qualified Tuition Programs Act of 2009

Official Title

To amend the Federal Deposit Insurance Act to provide for deposit restricted qualified tuition programs, and for other purposes.

Summary

Deposit Restricted Qualified Tuition Programs Act of 2009 - Amends the Federal Deposit Insurance Act to prescribe requirements for deposit restricted qualified tuition programs which are exempt from federal income tax. Defines such a program as one in which: (1) the cash provided to it by a contributor may be invested only in deposits insured by the Federal Deposit Insurance Corporation (FDIC); (2) the contributor may become a participant in the program by depositing funds into an account at a depository institution participating in the program; and (3) the program may include multiple depository institutions. Deems a deposit restricted qualified tuition program to be an identified banking product for purposes of the Securities Exchange Act of 1934. Denies treatment as a security under the Securities Act of 1933, the Securities Exchange Act of 1934, or the Investment Company Act of 1940 of: (1) the investment of cash in deposits at an insured depository institution through a deposit restricted qualified tuition program; (2) any certificate of deposit or other instrument evidencing any such deposit; or (3) any participation by a contributor to a deposit restricted qualified tuition program. Declares that in no event shall a deposit restricted qualified tuition program be deemed to be an issuer of a security or an investment company.