S. 1465 · 113th Congress
Incorporation Transparency and Law Enforcement Assistance Act
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
LevinSponsor4 cosponsors · 3 D, 1 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Incorporation Transparency and Law Enforcement Assistance Act - Amends the Omnibus Crime Control and Safe Streets Act of 1968, in order to protect the United States from misuse affecting interstate or foreign commerce of corporations and limited liability companies with hidden owners, to require states receiving funding under the Edward Byrne Memorial…
What it does: CRS summary · Introduced in Senate · Aug 1, 2013
Incorporation Transparency and Law Enforcement Assistance Act - Amends the Omnibus Crime Control and Safe Streets Act of 1968, in order to protect the United States from misuse affecting interstate or foreign commerce of corporations and limited liability companies with hidden owners, to require states receiving funding under the Edward Byrne Memorial Justice Assistance Grant Program 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 applicants or 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Incorporation Transparency and Law Enforcement Assistance Act
Latest action (Aug 1, 2013): Read twice and referred to the Committee on the Judiciary.
Policy area: Crime and Law Enforcement · Origin: Senate · Introduced: Aug 1, 2013
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.