PlainBillCongress, translated.Legislation. Context. Public interest.Committee on Foreign Relations. Hearings held. Hearings printed: S.Hrg. 112-602.
Congressional Research Service
Version 00 · Introduced in Senate · Aug 2, 2011
Incorporation Transparency and Law Enforcement Assistance Act - Amends the Homeland Security Act of 2002 to require states receiving funding under such Act to prevent terrorism to: (1) use an incorporation system that requires applicants for forming corporations or limited liability companies (corporations), and corporations that have formed, to provide and update lists of their beneficial owners; (2) maintain beneficial ownership information for five years after the corporation terminates; and (3) provide such information pursuant to certain criminal, civil, or administrative requests.
Authorizes such a state that maintains a formal licensing system for formation agents to permit such applicants or corporations to provide such information to such an agent residing in that state instead of to that state directly. Requires such an agent to certify verification of specified identifying information for corporation owners or officers who do not have a non-expired United States-issued passport, drivers license, or identification card.
Specifies exempt entities. Prescribes penalties for providing false or fraudulent beneficial ownership information or for willfully failing to provide complete or updated information.
Showing the opening paragraphs of the official summary.
Requires the Administrator for Federal Procurement Policy to revise the Federal Acquisition Regulation to require any contractor subject to the requirement to disclose beneficial ownership information under this Act to provide the information to the federal government as part of any bid for a contract with a value exceeding the simplified acquisition threshold.
Directs the Secretary of the Treasury to promulgate a rule requiring persons engaged in the business of forming corporations to establish anti-money laundering programs.
Requires the Comptroller General to report on: (1) the extent to which states enable persons to form partnerships, trusts, charitable organizations, or other legal entities under state law and require such persons to provide beneficial owner information; and (2) the effectiveness of incorporation practices implemented under this Act in aiding law enforcement.
People & committees
Sen. Levin, Carl [D-MI] · D–MI
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Committee on Foreign Relations. Hearings held. Hearings printed: S.Hrg. 112-602.
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
Sponsor introductory remarks on measure. (CR S5255-5260)
Introduced in Senate
Primary sources
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Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
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