H.R. 3981: To amend title 36, United States Code, to grant a Federal charter to the Veterans Association of Real Estate Professionals.

This bill aims to grant a federal charter to the Veterans Association of Real Estate Professionals (VAREP), transforming it into a federally recognized nonprofit organization. Below are the key components of the bill:

Charter Granting

The bill creates a new chapter in Title 36 of the United States Code, specifically for VAREP, allowing it to operate as a federally chartered corporation. This means that VAREP would be recognized at the federal level, which may enhance its credibility and operational capability.

Organization Structure

• Federal Charter: The VAREP must be organized as a nonprofit under California laws and comply with the requirements set for veterans' service organizations.
• Expiration of Charter: The charter may expire if VAREP fails to comply with the provisions stipulated in the new chapter.

Purposes

The bill outlines several goals for VAREP, including:

1. Advocacy for Veterans: Promoting sustainable homeownership and providing financial literacy education.
2. Support for Economic Opportunities: Increasing economic prospects for military members and veterans.
3. Assistance Programs: Establishing resources for workforce development, housing education, and suicide prevention.
4. Networking: Providing a platform for real estate and financial service professionals to collaborate in better serving veterans and their families.

Membership

Membership guidelines, including eligibility and rights, are determined by VAREP's internal articles of incorporation and bylaws.

Governing Body

The governing body shall consist of a board of directors, whose structure and duties will be described in the corporation's articles and bylaws.

Powers and Restrictions

• Powers: VAREP can only exercise powers specified in its governing documents.
• Restrictions: The organization cannot issue stock, pay dividends, engage in political activities, or provide unsecured loans to its members.

Tax-exempt Status

VAREP must maintain its tax-exempt status under the Internal Revenue Code. Failure to do so will result in the termination of its federal charter.

Record Keeping and Inspection

The organization is required to maintain accurate financial records and minutes of meetings, which must be accessible to its members for inspection.

Liability and Reporting

VAREP is accountable for actions taken by its officers and agents within their authority. Additionally, it must submit an annual report to Congress detailing its activities from the previous fiscal year.

State Definition

The definition of "State" includes all U.S. states, the District of Columbia, territories, and possessions.

Relevant Companies

None found.