S. 1483 (112th): Incorporation Transparency and Law Enforcement Assistance Act

Introduced:
Aug 02, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
See Instead:

H.R. 3416 (same title)
Referred to Committee — Nov 14, 2011

Sponsor
Carl Levin
Senior Senator from Michigan
Party
Democrat
Text
Read Text »
Last Updated
Aug 02, 2011
Length
35 pages
Related Bills
S. 569 (111th) was a previous version of this bill.

Referred to Committee
Last Action: Mar 11, 2009

S. 1465 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Aug 01, 2013

 
Status

This bill was introduced on August 2, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Aug 02, 2011
Referred to Committee Aug 02, 2011
 
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 in ways that threaten homeland security, 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 Foreign Relations

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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Citation

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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.


8/2/2011--Introduced.
Incorporation Transparency and Law Enforcement Assistance Act - Amends the Homeland Security Act of 2002 to require states receiving funding under such Act to prevent terrorism to:
(1) use an incorporation system that requires applicants for forming corporations or limited liability companies (corporations), and corporations that have formed, to provide and update lists of their beneficial owners;
(2) maintain beneficial ownership information for five years after the corporation terminates; and
(3) provide such information pursuant to certain criminal, civil, or administrative requests.
Authorizes such a state that maintains a formal licensing system for formation agents to permit such applicants or corporations to provide such information to such an agent residing in that state instead of to that state directly. Requires such an agent to certify verification of specified identifying information for corporation owners or officers who do not have a non-expired United States-issued passport, drivers license, or identification card.
Specifies exempt entities. Prescribes penalties for providing false or fraudulent beneficial ownership information or for willfully failing to provide complete or updated information.
Requires the Administrator for Federal Procurement Policy to revise the Federal Acquisition Regulation to require any contractor subject to the requirement to disclose beneficial ownership information under this Act to provide the information to the federal government as part of any bid for a contract with a value exceeding the simplified acquisition threshold.
Directs the Secretary of the Treasury to promulgate a rule requiring persons engaged in the business of forming corporations to establish anti-money laundering programs.
Requires the Comptroller General to report on: (1) the extent to which states enable persons to form partnerships, trusts, charitable organizations, or other legal entities under state law and require such persons to provide beneficial owner information; and (2) the effectiveness of incorporation practices implemented under this Act in aiding law enforcement.

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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