All Information (Except Text) for S.1454 - TITLE Act115th Congress (2017-2018)
|Sponsor:||Sen. Whitehouse, Sheldon [D-RI] (Introduced 06/28/2017)|
|Committees:||Senate - Judiciary|
|Latest Action:||Senate - 02/06/2018 Committee on the Judiciary. Hearings held. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
There is 1 version of this bill. View text
Click the check-box to add or remove the section, click the text link to scroll to that section.
Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Short Titles - Senate
Short Titles as Introduced
True Incorporation Transparency for Law Enforcement Act
Official Titles - Senate
Official Titles 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.
Actions Overview (1)
|06/28/2017||Introduced in Senate|
All Actions (2)
|02/06/2018||Committee on the Judiciary. Hearings held.|
|06/28/2017||Read twice and referred to the Committee on the Judiciary.|
Action By: Senate
|Sen. Feinstein, Dianne [D-CA]*||06/28/2017|
|Sen. Grassley, Chuck [R-IA]*||06/28/2017|
|Committee / Subcommittee||Date||Activity||Related Documents|
|Senate Judiciary||06/28/2017||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
- Administrative law and regulatory procedures
- Business records
- Civil actions and liability
- Congressional oversight
- Corporate finance and management
- Criminal investigation, prosecution, interrogation
- 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
Latest Summary (1)
Introduced in Senate (06/28/2017)
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.