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H.R. 585: Investor Choice Act of 2017

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jan 17, 2017.


Investor Choice Act of 2017

This bill amends the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 to prohibit a broker, dealer, funding portal, municipal-securities dealer, or investment adviser from entering into, modifying, or extending an agreement with a customer or client if that agreement: (1) mandates arbitration with respect to a future dispute between the parties; (2) restricts or limits the ability of the customer or client to select a forum for the resolution of such a dispute; or (3) restricts or limits the ability of the customer or client to pursue, in an individual capacity or on a class-action basis, a claim relating to such a dispute.