3.0.0 1454 2023-01-11T13:37:33Z 2023-01-11T13:37:33Z Senate S 2017-06-28 115 ssju00 Judiciary Committee Senate Standing Hearings by 2018-02-06T15:00:00Z Referred to 2017-06-28T17:39:43Z 2018-02-06 ssju00 Judiciary Committee Senate Committee on the Judiciary. Hearings held. Committee 2017-06-28 ssju00 Judiciary Committee Senate Read twice and referred to the Committee on the Judiciary. IntroReferral 2017-06-28 Introduced in Senate IntroReferral 10000 9 Library of Congress W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI N F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2017-06-28 True G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. 2017-06-28 True Crime and Law Enforcement Administrative law and regulatory procedures Business records Civil actions and liability Congressional oversight Corporate finance and management Criminal investigation, prosecution, interrogation Currency Department of the Treasury Fraud offenses and financial crimes Government information and archives Government studies and investigations Immigration status and procedures Licensing and registrations Office of Management and Budget (OMB) Public contracts and procurement Terrorism Crime and Law Enforcement 00 2017-06-28 Introduced in Senate 2018-03-09T15:54:12Z

True Incorporation Transparency for Law Enforcement Act or the TITLE Act

This bill amends the Omnibus Crime Control and Safe Streets Act of 1968 to require a state that receives funding under the Edward Byrne Memorial Justice Assistance Grant program to implement certain incorporation practices, including a requirement for an entity that forms a corporation or limited liability company to provide information about its beneficial owners.

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 bill broadens the term "financial institution" to include a person engaged in the business of forming corporations or limited liability companies. It directs the Department of the Treasury to require persons engaged in the business of forming corporations or limited liability companies to establish anti-money laundering programs.

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.]]>

TITLE Act Display Title TITLE Act Official Title as Introduced A bill to ensure that persons who form corporations in the United States disclose the beneficial owners of those corporations, in order to prevent the formation of corporations with hidden owners, stop the misuse of United States corporations by wrongdoers, and assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, tax evasion, and other criminal and civil misconduct involving United States corporations, and for other purposes. Introduced in Senate IS Short Titles as Introduced TITLE Act Short Titles as Introduced True Incorporation Transparency for Law Enforcement Act Introduced in Senate 2017-06-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1454is/xml/BILLS-115s1454is.xml 2018-02-06 Committee on the Judiciary. Hearings held. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.