SB 19-28: Young Traders Act (Passed)
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Author Topic: SB 19-28: Young Traders Act (Passed)  (Read 814 times)
Esteemed Jimmy
Jimmy7812
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« on: July 27, 2019, 12:10:39 PM »
« edited: August 10, 2019, 08:53:28 PM by Esteemed Vice President Jimmy7812 »
Quote
Young Traders Act

To open the stock market to the youth.

Quote
Section 1. Short title

This Act shall be cited as the “Young Traders Act”.

Section 2: Lowering the age to buy stocks

(a) In general. -

The minimum age to open a special youth stock market account shall be lowered to 16.

(b) Restrictions. -

(1) A youth stock market account will not have full function of purchasing and will only be allowed to purchase up to $500 worth of stocks per month, although selling all the stocks at once will be allowed.
(2) Brokers may not give special options that increases risk such as selling on margin or selling short.

(c) Losses. -

Brokers will not be held responsible for any losses due to trades.

(d) Exceptions. -

Nothing stated in this Act shall prevent private brokers from setting their own age restriction stated that is above the age of 16.

Section 3. Implementation

This Act shall take effect immediately after passage.

Passed in the House of Representatives 5-1-2-1



Passed in the Senate 4-0-0-2



Sponsor: North Carolina Yankee
Senate Designation: SB 19-28
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Esteemed Jimmy
Jimmy7812
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« Reply #1 on: July 27, 2019, 12:10:58 PM »
This needs a sponsor.
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Southern Senator North Carolina Yankee
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« Reply #2 on: July 27, 2019, 11:34:41 PM »
I guess I will sponsor it then.
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Southern Senator North Carolina Yankee
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« Reply #3 on: July 29, 2019, 12:17:54 AM »

Senators have 24 hours to object.
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Esteemed Jimmy
Jimmy7812
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« Reply #4 on: July 30, 2019, 09:49:30 AM »
North Carolina Yankee is now recognized as sponsor.
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Devout Centrist
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« Reply #5 on: July 30, 2019, 09:15:31 PM »
Quote
Brokers will not be held responsible for any losses due to trades.
This is common practice in the industry, correct?
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Southern Senator North Carolina Yankee
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« Reply #6 on: August 02, 2019, 10:49:58 PM »
Quote from: Lfromnj stands with Sanchez. on June 16, 2019, 11:33:30 AM
A bill that allows younger people who start working early to start investing into relatively safer areas of the market while also regulating their account to make sure nothing drastically bad happens to them due to an extremely stupid decision they made. I do admit this bill does ever so slightly help larger companies but the amount of money they do put in the market shouldn't be too large.
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lfromnj
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« Reply #7 on: August 02, 2019, 11:18:04 PM »
Quote from: Devout Centrist on July 30, 2019, 09:15:31 PM
Quote
Brokers will not be held responsible for any losses due to trades.
This is common practice in the industry, correct?

Yes, This is just to make sure courts immediately throw out any lawsuits.
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Esteemed Jimmy
Jimmy7812
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« Reply #8 on: August 06, 2019, 12:29:02 PM »
Does anyone have anything else to add?
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Devout Centrist
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« Reply #9 on: August 06, 2019, 12:31:59 PM »
I motion for a final vote
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Esteemed Jimmy
Jimmy7812
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« Reply #10 on: August 06, 2019, 12:32:40 PM »

Senators have 24 hours for objections.
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Esteemed Jimmy
Jimmy7812
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« Reply #11 on: August 07, 2019, 06:04:20 PM »
A final vote has begun on this bill. Please vote AYE, NAY, or ABSTAIN.

Quote
Young Traders Act

To open the stock market to the youth.

Quote
Section 1. Short title

This Act shall be cited as the “Young Traders Act”.

Section 2: Lowering the age to buy stocks

(a) In general. -

The minimum age to open a special youth stock market account shall be lowered to 16.

(b) Restrictions. -

(1) A youth stock market account will not have full function of purchasing and will only be allowed to purchase up to $500 worth of stocks per month, although selling all the stocks at once will be allowed.
(2) Brokers may not give special options that increases risk such as selling on margin or selling short.

(c) Losses. -

Brokers will not be held responsible for any losses due to trades.

(d) Exceptions. -

Nothing stated in this Act shall prevent private brokers from setting their own age restriction stated that is above the age of 16.

Section 3. Implementation

This Act shall take effect immediately after passage.
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Esteemed Jimmy
Jimmy7812
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« Reply #12 on: August 08, 2019, 02:32:14 PM »
Reminder that a final vote has started.
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Devout Centrist
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« Reply #13 on: August 08, 2019, 03:06:20 PM »
Aye
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Vern
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« Reply #14 on: August 08, 2019, 08:27:36 PM »
aye
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Southern Senator North Carolina Yankee
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« Reply #15 on: August 08, 2019, 08:30:50 PM »
AYE
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Comrade Funk
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« Reply #16 on: August 09, 2019, 05:50:49 AM »
Aye
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Esteemed Jimmy
Jimmy7812
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« Reply #17 on: August 09, 2019, 02:35:52 PM »
With a majority of senators voting to pass this bill, the vote will close in 24 hours or when all senators have voted, whichever is sooner, and any senator who wishes to change his or her vote must do so during that interval.
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Esteemed Jimmy
Jimmy7812
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« Reply #18 on: August 10, 2019, 08:49:33 PM »
SB 19-28 has passed by a vote of 4-0-0-2.
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Esteemed Jimmy
Jimmy7812
Junior Chimp
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Posts: 7,406
United States
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E: 2.47, S: -1.05

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« Reply #19 on: August 10, 2019, 08:53:06 PM »
Quote
Young Traders Act

To open the stock market to the youth.

Quote
Section 1. Short title

This Act shall be cited as the “Young Traders Act”.

Section 2: Lowering the age to buy stocks

(a) In general. -

The minimum age to open a special youth stock market account shall be lowered to 16.

(b) Restrictions. -

(1) A youth stock market account will not have full function of purchasing and will only be allowed to purchase up to $500 worth of stocks per month, although selling all the stocks at once will be allowed.
(2) Brokers may not give special options that increases risk such as selling on margin or selling short.

(c) Losses. -

Brokers will not be held responsible for any losses due to trades.

(d) Exceptions. -

Nothing stated in this Act shall prevent private brokers from setting their own age restriction stated that is above the age of 16.

Section 3. Implementation

This Act shall take effect immediately after passage.

Passed in the House of Representatives 5-1-2-1



Passed in the Senate 4-0-0-2
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