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H.R. 1257: Securities and Exchange Commission Overpayment Credit Act

The text of the bill below is as of Feb 28, 2017 (Introduced).


I

115th CONGRESS

1st Session

H. R. 1257

IN THE HOUSE OF REPRESENTATIVES

February 28, 2017

(for himself and Mr. Hultgren) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Securities Exchange Act of 1934 to require the Securities Exchange Commission to refund or credit excess payments made to the Commission.

1.

Short Title

This Act may be cited as the Securities and Exchange Commission Overpayment Credit Act.

2.

Refunding or crediting overpayment of section 31 fees

(a)

In general

Section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) is amended by adding at the end the following:

(n)

Overpayment

If a national securities exchange or national securities association pays to the Commission an amount in excess of fees and assessments due under this section and informs the Commission of such amount paid in excess within 10 years of the date of the payment, the Commission shall offset future fees and assessments due by such exchange or association in an amount equal to such excess amount.

.

(b)

Applicability

The amendment made by this section shall apply to any fees and assessments paid before, on, or after the date of enactment of this section.