Senior investor protections

As used in this section— the term “eligible entity” means— the insurance commission (or any agency or office performing like functions) of any State that the Office determines has— a consumer protection agency of any State, if— the term “misleading designation”— does not include a certification, professional designation, license, or other credential that— The Office shall establish a program under which the Office may make grants to States or eligible entities— A State or eligible entity desiring a grant under this section shall submit an application to the Office, in such form and in such a manner as the Office may determine, that includes— a proposal for activities to protect seniors from misleading or fraudulent marketing that are proposed to be funded using a grant under this section, including— a description of how the proposed activities would— The Office may establish such performance objectives and reporting requirements for States and eligible entities receiving a grant under this section as the Office determines are necessary to carry out and assess the effectiveness of the program under this section. The amount of a grant under this section may not exceed— $500,000 for each of 3 consecutive fiscal years, if the recipient is a State, or an eligible entity of a State, that has adopted rules— $100,000 for each of 3 consecutive fiscal years, if the recipient is a State, or an eligible entity of a State, that has adopted— rules— A State or eligible entity that receives a grant under this section may make a subgrant, as the State or eligible entity determines is necessary to carry out the activities funded using a grant under this section. A State or eligible entity that receives a grant under this section may reapply for a grant under this section, notwithstanding the limitations on grant amounts under subsection (e). There are authorized to be appropriated to carry out this section, $8,000,000 for each of fiscal years 2011 through 2015.