H.R. 2513 - 116th Congress (2019-2020) - Corporate Transparency Act of 2019

This bill requires certain new and existing small corporations and limited liability companies to disclose information about their beneficial owners. A beneficial owner is an individual who (1) exercises substantial control over a corporation or limited liability company, (2) owns 25% or more of the interest in a corporation or limited liability company, or (3) receives substantial economic benefits from the assets of a corporation or limited liability company.

Specifically, if certain entities apply to form a corporation or limited liability company, they must file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Furthermore, certain existing corporations and limited liability companies must file this information with FinCEN two years after the implementation of final regulations required under this bill.

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.

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.

Text (4)

October 23, 2019

October 22, 2019

October 8, 2019

May 3, 2019

Amendments (5)

Oct 22, 2019

Not Agreed to in House

Sponsorship

House Amendment 637

Amendment sought to strike the bill's reporting mandate on small businesses, terminate the Customer Due Diligence Rule, and require the Department of the Treasury to conduct a study about all existing federal information databases available to law enforcement to discern the beneficial ownership of companies.

Active

Oct 22, 2019

Agreed to in House

Sponsorship

House Amendment 636

An amendment numbered 4 printed in Part B of House Report 116-247 to ensure FinCEN may use the information obtained by this bill to notify industry and the public about criminal trends, while maintaining safeguards on personal privacy.

Agreed To

Oct 22, 2019

Agreed to in House

Sponsorship

House Amendment 635

An amendment numbered 3 printed in Part B of House Report 116-247 to add refresher training no less than every 2 years for local, Tribal, State, or Federal law enforcement agencies who have access to beneficial ownership information to ensure the privacy of beneficial owners.

Agreed To

Oct 22, 2019

Agreed to in House

Sponsorship

House Amendment 634

An amendment numbered 2 printed in Part B of House Report 116-247 to require FinCEN to develop a regime by which entities may gain access to the beneficial ownership database. Amendment also requires FinCEN to report to Congress annually on: he number of times law enforcement, banks, or other third parties have accessed the beneficial ownership database; the number of times the database was inappropriately accessed; and the number of subpoenas obtained to gain access to the database.

Agreed To

Oct 22, 2019

Agreed to in House

Sponsorship

House Amendment 633

Amendment requires an annual report to Congress of anonymized data on the number of beneficial owners per reporting corporation or LLC, the industry of each reporting corporation or LLC, and the location of the beneficial owners.

Agreed To

Actions (36)

Show Only Major Actions

10/23/2019

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

10/22/2019

Motion to reconsider laid on the table Agreed to without objection.

10/22/2019

On passage Passed by the Yeas and Nays: 249 - 173 (Roll no. 577).

10/22/2019

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 249 - 173 (Roll no. 577).

10/22/2019

On motion to recommit with instructions Failed by recorded vote: 197 - 224 (Roll no. 576).

10/22/2019

The previous question on the motion to recommit with instructions was ordered without objection.

10/22/2019

DEBATE - The House proceeded with 10 minutes on the Davidson (OH) motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to require a court-issued subpoena for specified requests in the underlying bill.

10/22/2019

Mr. Davidson (OH) moved to recommit with instructions to the Committee on Financial Services. (text: CR H8368)

10/22/2019

The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.

10/22/2019

The House rose from the Committee of the Whole House on the state of the Union to report H.R. 2513.

10/22/2019

The House resolved into Committee of the Whole House on the state of the Union for further consideration.

10/22/2019

Considered as unfinished business. (consideration: CR H8365-8370)

10/22/2019

Committee of the Whole House on the state of the Union rises leaving H.R. 2513 as unfinished business.

10/22/2019

On motion that the Committee rise Agreed to by voice vote.

10/22/2019

Ms. Waters moved that the Committee rise.

10/22/2019

POSTPONED PROCEEDINGS - At the conclusion of debate on the Davidson (OH) amendment, the Chair put the question on adoption of the amendment, and by voice vote announced that the noes had prevailed. Ms. Waters demanded a recorded vote, and the Chair postponed further proceedings on adoption of the amendment until a time to be announced.

10/22/2019

DEBATE - Pursuant to the provisions of H. Res. 646, the Committee of the Whole proceeded with 10 minutes of debate on the Davidson (OH) amendment No. 5.

10/22/2019

POSTPONED PROCEEDINGS - At the conclusion of debate on the Carolyn B. Maloney (NY) amendment, the Chair put the question on adoption of the amendment, and by voice vote announced that the ayes had prevailed. Mr. McHenry demanded a recorded vote, and the Chair postponed further proceedings on adoption of the amendment until a time to be announced.

10/22/2019

DEBATE - Pursuant to the provisions of H. Res. 646, the Committee of the Whole proceeded with 10 minutes of debate on the Carolyn B. Maloney (NY) amendment No. 4.

10/22/2019

DEBATE - Pursuant to the provisions of H. Res. 646, the Committee of the Whole proceeded with 10 minutes of debate on the Brown (MD) amendment No. 3.

10/22/2019

DEBATE - Pursuant to the provisions of H. Res. 646, the Committee of the Whole proceeded with 10 minutes of debate on the Hill (AR) amendment No. 2.

10/22/2019

POSTPONED PROCEEDINGS - At the conclusion of debate on the Burgess amendment, the Chair put the question on adoption of the amendment, and by voice vote announced that the ayes had prevailed. Ms. Waters demanded a recorded vote, and the Chair postponed further proceedings on adoption of the amendment until a time to be announced.

10/22/2019

DEBATE - Pursuant to the provisions of H.Res. 646, the Committee of the Whole proceeded with 10 minutes of debate on the Burgess amendment No. 1.

10/22/2019

GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 2513.

10/22/2019

The Speaker designated the Honorable Lauren Underwood to act as Chairwoman of the Committee.

10/22/2019

House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 646 and Rule XVIII.

10/22/2019

Rule provides for consideration of H.R. 2513 with 1 hour of general debate. Motion to recommit with or without instructions allowed. Measure will be considered read. Specified amendments are in order.

10/22/2019

Considered under the provisions of rule H. Res. 646. (consideration: CR H8316-8339)

10/22/2019

Rule H. Res. 646 passed House.

10/21/2019

Rules Committee Resolution H. Res. 646 Reported to House. Rule provides for consideration of H.R. 2513 with 1 hour of general debate. Motion to recommit with or without instructions allowed. Measure will be considered read. Specified amendments are in order.

10/08/2019

Placed on the Union Calendar, Calendar No. 180.

10/08/2019

Reported (Amended) by the Committee on Financial Services. H. Rept. 116-227.

06/11/2019

Ordered to be Reported (Amended) by the Yeas and Nays: 43 - 16.

06/11/2019

Committee Consideration and Mark-up Session Held.

05/03/2019

Referred to the House Committee on Financial Services.

05/03/2019

Introduced in House

Public Record

Record Updated

Nov 1, 2022 1:49:43 PM