S. 2956 (110th): Incorporation Transparency and Law Enforcement Assistance Act

Introduced:
May 01, 2008 (110th Congress, 2007–2009)
Status:
Died (Referred to Committee)
Sponsor
Carl Levin
Senator from Michigan
Party
Democrat
Text
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Last Updated
May 01, 2008
Length
16 pages
Related Bills
S. 569 (111th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Mar 11, 2009

 
Status

This bill was introduced on May 1, 2008, in a previous session of Congress, but was not enacted.

Progress
Introduced May 01, 2008
Referred to Committee May 01, 2008
 
Full Title

A bill to ensure that persons who form corporations in the United States disclose the beneficial owners of those corporations, in order to prevent wrongdoers from exploiting United States corporations for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations, and for other purposes.

Summary

No summaries available.

Cosponsors
2 cosponsors (1D, 1R) (show)
Committees

Senate Homeland Security and Governmental Affairs

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


5/1/2008--Introduced.
Incorporation Transparency and Law Enforcement Assistance Act - Amends the Homeland Security Act of 2002 to:
(1) establish uniform requirements for states relating to the disclosure of beneficial owners of corporations and limited liability companies formed in such states and the updating of such disclosures;
(2) require states to maintain beneficial ownership disclosure information for five years after a corporation or limited liability company is terminated;
(3) impose additional identification requirements for the beneficial owners of corporations or limited liability companies who are not U.S. citizens or lawful permanent residents of the United States; and
(4) provide for additional civil and criminal penalties for individuals who provide false beneficial ownership information to a state.
Defines "beneficial owner" as an individual who has a level of control over a business entity that enables such individual to control, manage, or direct such entity.
Requires the Secretary of the Treasury to publish a proposed and final rule to require persons involved in forming a corporation, limited liability company, partnership, trust, or other legal entity to establish anti-money laundering programs.
Requires the Comptroller General to study and report to Congress on state requirements for the disclosure of beneficial owners of partnerships, trusts, or other legal entities formed in such states.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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