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House Bill 1257
115th Congress(2017-2018)
Securities and Exchange Commission Overpayment Credit Act
Introduced
Introduced
Introduced in House on Feb 28, 2017
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H. R. 1257 (Introduced-in-House)


115th CONGRESS
1st Session
H. R. 1257


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

IN THE HOUSE OF REPRESENTATIVES

February 28, 2017

Mr. Meeks (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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short Title.

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

SEC. 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.