Fabio
76b8ec33a7
Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 -> 59,740; repo total 105,704 records. Deterministic (byte-identical rerun, verified on Title 42's 8,356 sections); make check green. make legal-us-code default now covers every title. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
50 lines
2.2 KiB
Markdown
50 lines
2.2 KiB
Markdown
---
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type: "LegalText"
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title: "15 U.S.C. § 3904"
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description: "Securities laws"
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jurisdiction: "us"
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corpus: "united_states_code"
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kind: "code_section"
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title_number: 15
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title_name: "COMMERCE AND TRADE"
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chapter_number: "65"
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chapter_name: "LIABILITY RISK RETENTION"
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section: "3904"
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citation: "15 U.S.C. § 3904"
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status: "current"
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release_point: "119-100"
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release_date: "2026-06-26"
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source: "official"
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source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
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source_identifier: "/us/usc/t15/s3904"
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source_file: "data/legal/raw/us/code/title-15/usc15.xml"
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source_hash: "e2b4eb85946cc4cb33c158853ff2e4c74f5079beb52d364d69b163e994c346d8"
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raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
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text_hash: "016d1cf63a0e949aa22b8ae1ad1d5a9a0cc08670b3cb4510011303e08861c619"
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retrieved_at: "2026-07-04"
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confidence: "official"
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tags: ["legal", "us-code"]
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---
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# 15 U.S.C. § 3904 - Securities laws
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## Text
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(a) Ownership interest of members in risk retention groups The ownership interests of members in a risk retention group shall be—
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(1) considered to be exempted securities for purposes of section 5 of the Securities Act of 1933 [15 U.S.C. 77e] and for purposes of section 12 of the Securities Exchange Act of 1934 [15 U.S.C. 78l]; and
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(2) considered to be securities for purposes of the provisions of section 17 of the Securities Act of 1933 [15 U.S.C. 77q] and the provisions of section 10 of the Securities Exchange Act of 1934 [15 U.S.C. 78j].
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(b) Investment companies 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.).
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(c) State blue sky laws The ownership interests of members in a risk retention group shall not be considered securities for purposes of any State blue sky law.
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(Pub. L. 97–45, § 5, Sept. 25, 1981, 95 Stat. 952.)
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## Notes
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Editorial Notes
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References in TextThe Investment Company Act of 1940, referred to in subsec. (b), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of this title. For complete classification of this Act to the Code, see section 80a–51 of this title and Tables.
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