,,ii  #aahth ,,congress  #ast ,session  
,s4 #bifd  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,september #bh 
7legislative day1 ,september #bb71      
#bjbc,mr4 ,cardin 7for himself and ,mr4 
,braun7 introduced the following bill2  
which was read twice and referred to the
 ,committee on the ,judiciary  ,a ,,bill
  ,to amend title #cf1 ,united ,states  
,code1 to grant a ,federal charter to   
the ,veterans ,association of ,real     
,estate ,professionals1 and for other   
purposes4  #a4 ,grant of ,federal       
charter to ,veterans ,association of    
,real ,estate ,professionals  7a7 ,grant
 of charter ,part ,b of subtitle ,,ii of
 title #cf1 ,united ,states ,code1 is   
amended by inserting after chapter #bbjg
 the following new chapter3  #bbii      
,veterans ,association of ,real ,estate 
,professionals  ,sec4#bbiija4           
,organization4#bbiijb4                  
,purposes4#bbiijc4 ,membership4#bbiijd4 
,governing body4#bbiije4                
,powers4#bbiijf4 ,restrictions4#bbiijg4 

,tax-exempt status required as condition
 of charter4#bbiijh4 ,records and       
inspection4#bbiiji4 ,service of         
process4#bbiiaj4 ,liability for acts of 
officers and agents4#bbiiaa4 ,annual    
report4#bbiiab4 ,state defined4         
#bbiija4 ,organization  7a7 ,federal    
charter ,the ,veterans ,association of  
,real ,estate ,professionals 7in this   
chapter referred to as the corporation71
 a nonprofit organization that meets the
 requirements for a veterans service    
organization under section #eja7;c77#ai7
 of the ,internal ,revenue ,code of     
#aihf and is organized under the laws of
 the ,state of ,california1 is a        
federally chartered corporation4  7b7   
,expiration of charter ,if the          
corporation does not comply with the    
provisions of this chapter1 the charter 
granted by this chapter expires4        
#bbiijb4 ,purposes ,the purposes of the 
corporation are those provided in its   
articles of incorporation and include   
the following3 7#a7 ,to organize as a   

veterans service organization to        
maintain a continuing interest in the   
welfare of veterans by-- 7,a7 advocating
 for and increasing sustainable         
homeownership2  7,b7 providing financial
 literacy education1  7,c7 spreading    
awareness of housing loans guaranteed by
 the ,secretary of ,veterans ,affairs2  
and  7,d7 increasing economic           
opportunities for members of the ,armed 
,forces and veterans4  7#b7 ,to         
establish facilities for the assistance 
of all veterans1 with programs regarding
 topics including the following3 7,a7   
financial literacy 7including           
understanding credit72  7,b7 workforce  
development2  7,c7 small business       
incubation and mentorship2  7,d7        
education regarding housing1 including  
homelessness prevention1 rental         
counseling1 foreclosure prevention1 and 
affordable housing opportunities2 and   
7,e7 suicide awareness and prevention4  
7#c7 ,to provide a forum for real estate
 and financial service professionals to 

share ideas1 learn1 and be empowered to 
better serve the real estate needs of   
members of the ,armed ,forces1 veterans1
 their families1 and others4  7#d7 ,to  
collaborate with organizations in the   
real estate and financial services      
sector to support employment of1 and    
economic and business development for1  
veterans4  #bbiijc4 ,membership         
,eligibility for membership in the      
corporation1 and the rights and         
privileges of members of the            
corporation1 are as provided in the     
articles and bylaws of the corporation4 
#bbiijd4 ,governing body  7a7 ,board of 
directors ,the composition of the board 
of directors of the corporation1 and the
 responsibilities of the board1 are as  
provided in the articles of             
incorporation and bylaws of the         
corporation4  7b7 ,officers ,the        
positions of officers of the            
corporation1 and the election of the    
officers1 are as provided in such       
articles of incorporation and bylaws4   

#bbiije4 ,powers ,the corporation has   
only those powers provided in its bylaws
 and articles of incorporation filed in 
the ,state in which it is incorporated4 
#bbiijf4 ,restrictions  7a7 ,stock and  
dividends ,the corporation may not issue
 stock or declare or pay a dividend4    
7b7 ,distribution of income or assets   
,the income or assets of the corporation
 may not inure to the benefit of1 or be 
distributed to1 a director1 officer1 or 
member of the corporation during the    
life of the charter granted by this     
chapter4 ,this subsection shall not     
prevent the payment of reasonable       
compensation to an officer or employee  
of the corporation1 or reimbursement for
 actual necessary expenses1 in amounts  
approved by the board of directors of   
the corporation4  7c7 ,political        
activities ,the corporation 7or an      
officer of the corporation1 in the      
course of acting in such capacity7 may  
not contribute to1 support1 or          
participate in any political activity4  

7d7 ,loans ,the corporation may not make
 a loan to a director1 officer1         
employee1 or member of the corporation4 
7e7 ,claim of governmental approval or  
authority ,the corporation may not claim
 congressional approval1 or the         
authority of the ,united ,states1 for   
any of its activities4  7f7 ,corporate  
status ,the corporation shall maintain  
its status as a corporation incorporated
 under the laws of the ,state of        
,california4  #bbiijg4 ,tax-exempt      
status required as condition of charter 
,if the corporation fails to maintain   
its status as an organization exempt    
from taxation under the ,internal       
,revenue ,code of #aihf1 the charter    
granted by this chapter shall terminate4
  #bbiijh4 ,records and inspection  7a7 
,records ,the corporation shall keep--  
7#a7 correct and complete records of    
account2  7#b7 minutes of the           
proceedings of the members1 board of    
directors1 and committees of the        
corporation having any of the authority 

of the board of directors2  7#c7 at the 
principal office of the corporation1 a  
record of the names and addresses of    
members of the corporation entitled to  
vote on matters relating to the         
corporation2 and  7#d7 the ,state       
charter documents1 bylaws1 and articles 
of incorporation available to the public
 on an easily accessible website of the 
corporation4  7b7 ,inspection ,a member 
entitled to vote on any matter relating 
to the corporation1 or an agent or      
attorney of the member1 may inspect the 
records of the corporation for any      
proper purpose1 at any reasonable time4 
#bbiiji4 ,service of process ,the       
corporation shall comply with the law of
 service of process of the ,state in    
which it is incorporated and each ,state
 in which it operates4  #bbiiaj4        
,liability for acts of officers and     
agents ,the corporation is liable for   
the acts of its officers and agents     
acting within the scope of their        
authority4  #bbiiaa4 ,annual report ,the

 corporation shall submit to ,congress  
an annual report on the activities of   
the corporation during the preceding    
fiscal year4 ,the report shall be       
submitted at the same time as the report
 of the audit required by section #ajaja
 of this title4 ,the report may not be  
printed as a public document4  #bbiiab4 
,state defined ,for purposes of this    
chapter1 the term ,state means each of  
the several ,states1 the ,district of   
,columbia1 the ,commonwealth of ,puerto 
,rico1 or a territory or possession of  
the ,united ,states4  4  7b7 ,clerical  
amendment ,the table of chapters at the 
beginning of title #cf1 ,united ,states 
,code1 is amended by inserting after the
 item relating to chapter #bbjg the     
following new item3  #bbii4 ,veterans   
,association of ,real ,estate           
,professionals#bbiija  4