In November 2019 the PMIF reached a Consent Agreement and Order (the "Order") with the Pennsylvania Department of Banking and Securities (“the Department”), regarding its requirement of the PMIF to register with the Department under the Pennsylvania Securities Act of 1972. An administrative assessment was paid in compliance with the Order.
The Order also required the PMIF to register with the Department and effect a rescission offer to its members resident in Pennsylvania who purchased securities from the PMIF before August 31, 2019. The rescission offer was sent to those members on July 29, 2022. The rescission offer described the PMIF reorganization as a "Church Extension Fund" (the "CEF”) and included an Offering Circular (the "OC") defining the organization and the new securities it offers as a CEF. As a CEF, the PMIF will no longer issue Hybrid Savings Accounts to its members. It replaced those existing accounts with Demand Notes earning interest much like its predecessor.
From the investor's point of view, little changes in the PMIF's administration of your investment. The investment vehicle name changed, but the new Demand Note still accrues interest daily at a rate set by the PMIF Board of Directors on a quarterly basis. Interest earned is paid to the Demand Note account semi-annually, as is the current practice. There is now greater transparency under the CEF structure as audited financials will be available to PMIF members annually on this website.
The PMIF is fully registered as a CEF with the Department and we are now able to accept new and existing deposits. More importantly, we are able to grant church loans to PM churches and other qualifying PM ministries. Withdrawals from PMIF demand notes can be requested at any time.
Please see the PMIF OC dated April 11, 2022 for complete information on PMIF operations.