May 13, 2009, 12:00 am ET - Amendment SA 1107 proposed by Senator Collins to Amendment SA 1058.
May 14, 2009, 12:00 am ET - Considered by Senate.
May 19, 2009, 12:00 am ET - Amendment SA 1107 ruled non-germane by the chair.
May 19, 2009, 12:00 am ET - Considered by Senate.
May 19, 2009, 12:00 am ET - Point of order raised in Senate with respect to amendment SA 1107.
Full Text of this Amendment
At the end of title V, add the following:
SEC. 503. STORED VALUE CARDS.
(a) Definitions.--Section 5312(a) of title 31, United States Code, is amended--
(1) in paragraph (2)(K), by inserting ``stored value devices,'' after ``money orders,'';
(2) in paragraph (3)(B), by striking ``; and'' at the end and inserting ``, and stored value devices and any other similar money transmitting devices;'';
(3) in paragraph (3)(C), by striking the period at the end and inserting ``; and'';
(4) by adding at the end the following:
``(D) as the Secretary of the Treasury shall provide by regulation for purposes of sections 5316 and 5331 of this title, stored value devices, or other similar money transmitting devices (as defined by regulation of the Secretary for such purposes), unless the Secretary, in coordination with the Secretary of Homeland Security, determines that a particular device, based on other applicable laws, is subject to additional security measures that obviate the need for such regulations as it relates
to that device.''; and
(5) by adding at the end the following new paragraph:
``(7) `Stored value' means funds or monetary value represented in digital electronics format (whether or not specially encrypted) and stored or capable of storage on electronic media in such a way as to be retrievable and transferable electronically.''.
(b) Criminal Penalties.--Title 18, United States Code, is amended--
(1) in section 1956(c)(5)(i), by striking ``and money orders, or'' and inserting ``money orders, stored value devices, and any other similar money transmitting devices, or''; and
(2) in section 1960(b)--
(A) in paragraph (1)(C), by inserting ``, including funds on fraudulently issued stored value devices and funds on stored value devices issued anonymously for the purpose of evading monetary reporting requirements,'' after ``funds''; and
(B) in paragraph (2), by striking ``or courier'' and inserting ``courier, or issuance, redemption, or sale of stored value devices or other similar instruments''.
(c) Money Transmitting Businesses.--Section 5330(d)(1)(A) of title 31, United States Code, is amended by inserting ``stored value devices,'' after ``travelers checks,''.
(As printed in the Congressional Record for the Senate on May 13, 2009.)