S. 462 – Securities and Exchange Commission Overpayment Credit Act

AI-Generated Summary

Updated April 15, 2026 at 1:20 PM UTC

The Securities and Exchange Commission Overpayment Credit Act requires the SEC to give a refund or credit to national securities exchanges and national securities associations that have paid more in fees and assessments than they were required to under the Securities Exchange Act. The credit must be applied within ten years of the overpayment and is used to offset future fees. The law only covers fees that were due before the act was passed.

Key Provisions

Defines “Commission,” “national securities association,” and “national securities exchange.”
If an exchange or association overpays its SEC fees, it can notify the SEC within ten years, and the SEC must credit the excess amount against future fees.
The credit provision applies only to fees that were required to be paid before the law’s enactment.

Legislative Activity

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8 earlier actions

HouseFloor Latest Action

Held at the desk.

September 12, 2017 • 7:59 PM

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SenateIntro Referral

Introduced in Senate

February 28, 2017

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

February 28, 2017

SenateCommittee

Committee on Banking, Housing, and Urban Affairs. Ordered to be reported without amendment favorably.

Banking, Housing, and Urban Affairs Committee

March 9, 2017

SenateCommittee

Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo without amendment. Without written report.

Banking, Housing, and Urban Affairs Committee

March 13, 2017

SenateCalendars

Placed on Senate Legislative Calendar under General Orders. Calendar No. 13.

March 13, 2017

SenateFloor

Passed Senate without amendment by Unanimous Consent. (consideration: CR S5168-5169; text: CR S5168-5169)

September 11, 2017

HouseFloor

Received in the House.

September 12, 2017 • 5:06 PM

SenateFloor

Message on Senate action sent to the House.

September 12, 2017

HouseFloor

Held at the desk.

September 12, 2017 • 7:59 PM

Floor Debate

1 member

What members said about S. 462 on the floor

1 Republican

Sen. Mitch McConnellR-KY · Sep 11, 2017

Mr. President, I ask unanimous consent that the Senate proceed to the immediate consideration of Calendar No. 13, S. 462. Mr. President, I ask unanimous consent that the bill be considered read a…

Bill Text

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Engrossed in SenateIssued September 11, 2017

115th CONGRESS

1st Session

S. 462

AN ACT

To require the Securities and Exchange Commission to refund or credit certain excess payments made to the Commission.

1.

Short title

This Act may be cited as the Securities and Exchange Commission Overpayment Credit Act.

2.

Refunding or crediting overpayment of section 31 fees

(a)

Definitions

In this section—

(1)

the term Commission means the Securities and Exchange Commission;

(2)

the term national securities association means an association that is registered under section 15A of the Securities Exchange Act of 1934 (15 U.S.C. 78o–3); and

(3)

the term national securities exchange means an exchange that is registered as a national securities exchange under section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f).

(b)

Credit for overpayment of fees

Notwithstanding section 31(j) of the Securities Exchange Act of 1934 (15 U.S.C. 78ee(j)), and subject to subsection (c) of this section, if a national securities exchange or a national securities association has paid fees and assessments to the Commission in an amount that is more than the amount that the exchange or association was required to pay under section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) and, not later than 10 years after the date of such payment, the exchange or association informs the Commission about the payment of such excess amount, the Commission shall offset future fees and assessments due by that exchange or association in an amount that is equal to the difference between the amount that the exchange or association paid and the amount that the exchange or association was required to pay under such section 31.

(c)

Applicability

Subsection (b) shall apply only to fees and assessments that a national securities exchange or a national securities association was required to pay to the Commission before the date of enactment of this Act.

Passed the Senate September 11, 2017.

Secretary