Bill Text: OR HB2728 | 2013 | Regular Session | Introduced

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Bill Title: Relating to retirement planning information; declaring an emergency.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-07-08 - In committee upon adjournment. [HB2728 Detail]

Download: Oregon-2013-HB2728-Introduced.html

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     77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 2293

                         House Bill 2728

Sponsored by Representative HOLVEY

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Directs Department of Consumer and Business Services to
register retirement investment vendors and establish website for
retirement planning information.
  Declares emergency, effective on passage.

                        A BILL FOR AN ACT
Relating to retirement planning information; and declaring an
  emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + As used in sections 1 to 3 of this 2013 Act:
  (1) 'Retirement investment vendor' means a private business
entity or individual that enrolls small businesses and
individuals in, or offers for sale, retirement planning products
in this state.
  (2) 'Retirement planning product' includes but is not limited
to pension, profit-sharing, retirement or other
employment-related benefit plans, annuity contracts or investment
securities. The Department of Consumer and Business Services may
further define 'retirement planning product' by rule. + }
  SECTION 2.  { + (1) The Department of Consumer and Business
Services shall establish a registry of retirement investment
vendors.
  (2) To be eligible for registration, a retirement investment
vendor must provide to the department:
  (a) Evidence sufficient to the department that the vendor is
certified by an organization certifying securities dealers
approved by the department.
  (b) A description of the vendor's experience in offering
retirement planning products in Oregon.
  (c) A description of the retirement planning products the
vendor offers.
  (d) A disclosure of all expenses paid directly or indirectly by
retirement planning product participants, including but not
limited to penalties for early withdrawals, declining or fixed
withdrawal charges, surrender or deposit charges, management fees
and annual fees.
  (e) Other information required by the department.
  (3) The department may charge a reasonable fee to register a
retirement investment vendor under this section. Fees charged to
a vendor under this subsection shall be deposited into the
Consumer and Business Services Fund created by ORS 705.145.
  (4) The department shall require a retirement investment vendor
participating in the clearinghouse to renew the vendor's
registration at least annually. + }
  SECTION 3.  { + (1) The Department of Consumer and Business
Services shall establish a website that provides information
about retirement planning products, and services and resources
related to retirement planning, that are offered by retirement
investment vendors registered under section 2 of this 2013 Act.
  (2) The website must include a table that shows, for each
retirement planning product offered by a registered retirement
investment vendor, the total fee cost, in dollars, that would be
incurred by an investor that initially invests $5,000, earns a
five percent rate of return and maintains the investment for
periods of 1, 5, 10, 15 and 20 years.
  (3) The table described in subsection (2) of this section must
be accompanied by a statement explaining that the assumed rate of
return is included for purposes of illustrating the respective
impacts of different fee amounts on each investment and is not
included to predict future investment returns.
  (4) If the department determines that information about a
retirement planning product provided by a retirement investment
vendor for inclusion on the website is inaccurate, the department
shall notify the retirement investment vendor. If the retirement
investment vendor does not correct the inaccurate information
within 60 days of the date of the notice, the department shall
remove the retirement planning product from the website.
  (5) A retirement investment vendor may not charge a fee
relating to a retirement planning product that is not disclosed
on the website established under this section.
  (6) The department, the Secretary of State and the State
Treasurer shall each include on their website a link to the
website established under this section. + }
  SECTION 4.  { + (1) Sections 1 to 3 of this 2013 Act become
operative on January 1, 2014.
  (2) The Department of Consumer and Business Services may take
any action before the operative date specified in subsection (1)
of this section to enable the department to exercise, on and
after the operative date specified in subsection (1) of this
section, all the duties, functions and powers conferred on the
department by sections 1 to 3 of this 2013 Act. + }
  SECTION 5.  { + This 2013 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2013 Act takes effect on its
passage. + }
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