Bill SponsorBILLSPONSOR
Bill Sponsor
Politicians
Bills
House Bill 2513
116th Congress(2019-2020)
Corporate Transparency Act of 2019
Active
Amendments
Active
Passed House on Oct 22, 2019
Overview
Text
Introduced
May 3, 2019
Latest Action
Oct 23, 2019
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2513
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
Carolyn B. Maloney
New York
Democrat
Brad Sherman
California
Democrat
Lisa Blunt Rochester
Delaware
Democrat
Alcee L. Hastings
Florida
Democrat
Emanuel Cleaver
Missouri
Democrat
Tom Malinowski
New Jersey
Democrat
Gregory Meeks
New York
Republican
Peter King
New York
Democrat
Marcy Kaptur
Ohio
Democrat
Jim Cooper
Tennessee
Democrat
Don Beyer
Virginia
House Votes (2)
Senate Votes (0)
Question
On Passage
Status
Passed
Type
Roll Call Vote
Roll Call Vote
A vote that records the individual position of each Member who voted. Such votes occurring on the House floor (by the "yeas and nays" or by "recorded vote") are taken by electronic device. The Senate has no electronic voting system; in such votes, Senators answer "yea" or "nay" as the clerk calls each name aloud. Each vote is compiled by clerks and receives a roll call number (referenced in Congress.gov as a "Record Vote" [Senate] or "Roll no." [House]).
Roll Call Type
Yea-And-Nay
Roll Number
577
House Roll Call Votes
Summary

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)
Referred in Senate
October 23, 2019
Engrossed in House
October 22, 2019
Reported in House
October 8, 2019
Introduced in House
May 3, 2019
Amendments (5)
Oct 22, 2019
Not Agreed to in House
1
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
1
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
1
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
1
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
1
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
Related Bills (6)
Oct 28, 2019
Passed House
3
Sponsorship
House Bill 2514
COUNTER Act of 2019
Active
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
Oct 22, 2019
Passed House
1
Sponsorship
House Simple Resolution 646
Providing for consideration of the bill (H.R. 2513) to ensure that persons who form corporations or limited liability companies in the United States disclose the beneficial owners of those corporations or limited liability companies, in order to prevent wrongdoers from exploiting United States corporations and limited liability companies for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations and limited liability companies, and for other purposes.
Active
Type
Procedurally-Related Measure
Procedurally-Related Measure
Legislation that affects consideration of other legislation (e.g., a rule for consideration, a bill ordered to be reported or passed in lieu of another measure). Identical bills, companion measures, and legislation with text similarities are other related bill types.
Identified By
House
Sep 19, 2019
Passed House
3
Sponsorship
House Bill 2613
Advancing Innovation to Assist Law Enforcement Act
Active
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
Sep 17, 2019
Introduced in House
1
Sponsorship
House Bill 4367
Fight Illicit Finance through Technical Assistance Act of 2019
Introduced
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
Jun 26, 2019
Introduced in Senate
3
Sponsorship
Senate Bill 1978
Corporate Transparency Act of 2019
Introduced
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
Feb 07, 2019
Introduced in House
1
Sponsorship
House Bill 1039
To streamline requirements for currency transaction reports and suspicious activity reports, and for other purposes.
Introduced
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
Public Record
Record Updated
Nov 1, 2022 1:49:43 PM
Copyright © 2024 Civic Bits LLC
Privacy Policy
Terms of Service
What's New
About