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.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2019-10-23 | IntroReferral | Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. | Senate |
| 2019-10-22 | Floor | Motion to reconsider laid on the table Agreed to without objection. | House floor actions |
| 2019-10-22 | Vote | On passage Passed by the Yeas and Nays: 249 - 173 (Roll no. 577). | House floor actions |
| 2019-10-22 | Vote | On motion to recommit with instructions Failed by recorded vote: 197 - 224 (Roll no. 576). | House floor actions |
| 2019-10-22 | Floor | The previous question on the motion to recommit with instructions was ordered without objection. | House floor actions |
| 2019-10-22 | Floor | 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. | House floor actions |
| 2019-10-22 | Floor | Mr. Davidson (OH) moved to recommit with instructions to the Committee on Financial Services. (text: CR H8368) | House floor actions |
| 2019-10-22 | Floor | The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union. | House floor actions |
| 2019-10-22 | Floor | The House rose from the Committee of the Whole House on the state of the Union to report H.R. 2513. | House floor actions |
| 2019-10-22 | Floor | The House resolved into Committee of the Whole House on the state of the Union for further consideration. | House floor actions |
| 2019-10-22 | Floor | Considered as unfinished business. (consideration: CR H8365-8370) | House floor actions |
| 2019-10-22 | Floor | Committee of the Whole House on the state of the Union rises leaving H.R. 2513 as unfinished business. | House floor actions |
| 2019-10-22 | Floor | On motion that the Committee rise Agreed to by voice vote. | House floor actions |
| 2019-10-22 | Floor | Ms. Waters moved that the Committee rise. | House floor actions |
| 2019-10-22 | Floor | 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. | House floor actions |
| 2019-10-22 | Floor | 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. | House floor actions |
| 2019-10-22 | Floor | 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. | House floor actions |
| 2019-10-22 | Floor | 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. | House floor actions |
| 2019-10-22 | Floor | 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. | House floor actions |
| 2019-10-22 | Floor | 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. | House floor actions |
| 2019-10-22 | Floor | 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. | House floor actions |
| 2019-10-22 | Floor | 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. | House floor actions |
| 2019-10-22 | Floor | GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 2513. | House floor actions |
| 2019-10-22 | Floor | The Speaker designated the Honorable Lauren Underwood to act as Chairwoman of the Committee. | House floor actions |
| 2019-10-22 | Floor | House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 646 and Rule XVIII. | House floor actions |
| 2019-10-22 | Floor | 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. | House floor actions |
| 2019-10-22 | Floor | Considered under the provisions of rule H. Res. 646. (consideration: CR H8316-8339) | House floor actions |
| 2019-10-22 | Floor | Rule H. Res. 646 passed House. | House floor actions |
| 2019-10-21 | Floor | 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. | House floor actions |
| 2019-10-08 | Calendars | Placed on the Union Calendar, Calendar No. 180. | House floor actions |
| 2019-10-08 | Committee | Reported (Amended) by the Committee on Financial Services. H. Rept. 116-227. | House floor actions |
| 2019-06-11 | Committee | Ordered to be Reported (Amended) by the Yeas and Nays: 43 - 16. | House committee actions |
| 2019-06-11 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2019-05-03 | IntroReferral | Referred to the House Committee on Financial Services. | House floor actions |
| 2019-05-03 | IntroReferral | Introduced in House | Library of Congress |