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15 U.S.C. § 3904

Securities laws

United States · Title 15 — COMMERCE AND TRADE · Status: effective

Business & Commerce
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15 U.S.C. § 3904, Securities laws, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/441877
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The ownership interests of members in a risk retention group shall be— A risk retention group shall not be considered to be an investment company for purposes of the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.). The ownership interests of members in a risk retention group shall not be considered securities for purposes of any State blue sky law.

Legislative history

The public laws that enacted or amended this section. Tallies are for the whole bill as it passed each chamber — often an omnibus covering far more than this provision — not a vote on this section alone.

  • Enacted byPub. L. 97-45(H.R. 2120)1981-09-25
    Product Liability Risk Retention Act of 1981
    House: no recorded tallySenate: no recorded tally