US Congress House Bill 4966 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on March 25 2010 - 25% progression, died in committee
Action: 2010-03-25 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Stored Value Device Registration and Reporting Act of 2010 - Treats as a financial institution subject to federal regulation any person engaged in the business of issuing stored value devices or processing transactions related to such devices, including accessing information pertaining to the funds stored on a device, retrieving such funds, or adding funds to be stored on the device. Treats such stored value devices as monetary instruments. Prescribes procedures for mandatory registration of such devices with the Secretary of the Treasury. Subjects to a civil penalty noncompliance with such requirement Instructs the Secretary to: (1) prescribe regulations establishing a threshold point under which small stored value device businesses are exempt from such registration requirements; and (2) study and report to Congress on specified uses of such devices, including the extent to which they are used to provide payments related to drug trafficking and human trafficking or financial support to terror cells operating within the United States.

Stored Value Device Registration and Reporting Act of 2010

Rep. Brian Bilbray [R-CA]

Rep. Gabrielle Giffords [D-AZ]

Date	Chamber	Action
2010-03-25		Referred to the House Committee on Financial Services.

SB3175 (Same As) 2010-03-25 - Read twice and referred to the Committee on Energy and Natural Resources.
HB5127 (Related) 2010-04-22 - Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/4966/all-info
Text	https://www.congress.gov/111/bills/hr4966/BILLS-111hr4966ih.pdf