3.0.0 1978 2022-11-01T13:50:53Z 2022-11-01T13:50:53Z Senate S 2019-06-26 116 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2019-06-26T15:09:15Z Corporate Transparency Act of 2019 116 2513 HR 2019-10-23 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2019-06-26 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2019-06-26 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL 2019-06-26 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2019-06-26 True Finance and Financial Sector Business ethics Business records Civil actions and liability Corporate finance and management Criminal investigation, prosecution, interrogation Criminal procedure and sentencing Fraud offenses and financial crimes Government information and archives Law enforcement administration and funding Terrorism Trade secrets and economic espionage U.S. and foreign investments Finance and Financial Sector 00 2019-06-26 Introduced in Senate 2019-11-04T21:57:33Z 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.

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Corporate Transparency Act of 2019 Display Title Corporate Transparency Act of 2019 Short Title(s) as Introduced Corporate Transparency Act of 2019 Introduced in Senate IS Official Title as Introduced A bill 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. Introduced in Senate IS Introduced in Senate 2019-06-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s1978is/xml/BILLS-116s1978is.xml 2019-06-26 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.