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LegislationLEGISLATION | Detail


H.R. 1705: Financial Product Safety Commission Act of 2009

Sponsor: Delahunt (D - MA)

Official Title: A bill to create a Financial Product Safety Commission, to provide consumers with stronger protections and better information in connection with consumer financial products and to give providers of consumer financial products more regulatory certainty.

Status:
3/25/2009: Introduced
3/25/2009: Referred to House Financial Services Committee

Commentary:
This bill, identical to S. 566, would prohibit the “knowing and willful” advertisement, offer, or attempted enforcement of any consumer financial product that is not in conformity with the rules and regulations (including recordkeeping requirements) promulgated by the new federal “Financial Product Safety Commission” created by the bill. Violations would be punishable by criminal fines of up to $500,000 and imprisonment of up to one year.

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