US Congress House Bill 3089 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on June 28 2017 - 25% progression, died in committee
Action: 2017-06-28 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Corporate Transparency Act of 2017 This bill requires an entity that forms a corporation or limited liability company to disclose information about its beneficial owners. A beneficial owner is an individual who exercises substantial control over a corporation or limited liability company or has a substantial interest in or receives substantial economic benefits from the assets of a corporation or limited liability company. Specifically, if an entity applies to form a corporation or limited liability company in a state that does not require the disclosure of beneficial ownership information, then the entity must file beneficial ownership information with the Financial Crimes Enforcement Network. The bill imposes a civil penalty and authorizes criminal penalties—a fine, a prison term for up to three years, or both—for providing false or fraudulent beneficial ownership information or for willfully failing to provide complete or updated beneficial ownership information. It directs the Department of the Treasury to require persons engaged in the business of forming (or of purchasing, selling, or transferring the public records that form) corporations or limited liability companies to establish anti-money laundering programs. The Government Accountability Office must study and report on: (1) the availability of beneficial ownership information for other legal entities (e.g., partnerships), and (2) the effectiveness of incorporation practices implemented under this bill.

Corporate Transparency Act of 2017

Rep. Carolyn Maloney [D-NY]	Rep. Peter King [R-NY]	Rep. Maxine Waters [D-CA]	Rep. Edward Royce [R-CA]
Rep. Gwen Moore [D-WI]	Rep. Stephen Lynch [D-MA]	Rep. Daniel Donovan [R-NY]	Rep. Frank LoBiondo [R-NJ]
Rep. Earl Blumenauer [D-OR]	Rep. Christopher Smith [R-NJ]	Rep. Anna Eshoo [D-CA]	Rep. Michael Capuano [D-MA]

Date	Chamber	Action
2017-06-28	House	Referred to the House Committee on Financial Services.
2017-06-28	House	Introduced in House

SB1717 (Related) 2017-08-02 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S4770)

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/house-bill/3089/all-info
Text	https://www.congress.gov/115/bills/hr3089/BILLS-115hr3089ih.pdf