Sec. 401. Treatment under securities laws
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/bill/118/s/136/is/section-401A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An income share agreement shall not be treated as a security for purposes of the securities laws (as defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) )), any similar State law, or any State law that directly or indirectly prohibits, limits, or imposes conditions, based on the merits of an offering or issuer of securities, upon the offer or sale of any security. Nothing in paragraph
(1)may be construed to prevent an instrument that is collateralized by, or serviced by the cash flows of, an income share agreement from being treated as a security for purposes of any law described in that paragraph. Section 3(c) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3(c) ) is amended— in paragraph (4), by inserting income share agreements (as that term is defined in section 2 of the after ISA Student Protection Act of 2023 ), industrial banking, ; and in paragraph (5)— in subparagraph (A), by inserting , including purchasing or otherwise acquiring income share agreements (as that term is defined in section 2 of the after ISA Student Protection Act of 2023 ) services ; and in subparagraph (B), by inserting , including making income share agreements (as defined in subparagraph (A)) after services .
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U.S. Code
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- 15 USC 80a–3(c)
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