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HR 5341 109th Congress House Finance and Financial Sector Administrative procedure Bank deposits Bank records Coins and coinage Commerce Congressional reporting requirements Crime and Law Enforcement Crime prevention Department of the Treasury Financial institutions Government Operations and Politics Government paperwork Law Money Money laundering

Seasoned Customer CTR Exemption Act of 2006

Introduced: May 10, 2006 See on congress.gov
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 Everywhere this bill has been 16 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 28, 2006
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jun 27, 2006
Motion to reconsider laid on the table Agreed to without objection.
Jun 27, 2006
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4576-4577)
Jun 27, 2006
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H4576-4577)
Jun 27, 2006
DEBATE - The House proceeded with forty minutes of debate on H.R. 5341.
Jun 27, 2006
Considered under suspension of the rules. (consideration: CR H4576-4582)
Jun 27, 2006
Mr. Bachus moved to suspend the rules and pass the bill, as amended.
Jun 19, 2006
Placed on the Union Calendar, Calendar No. 282.
Jun 19, 2006
Reported (Amended) by the Committee on Financial Services. H. Rept. 109-506.
May 24, 2006
Ordered to be Reported (Amended) by Voice Vote.
May 24, 2006
Committee Consideration and Mark-up Session Held.
May 19, 2006
Subcommittee on Financial Institutions and Consumer Credit Discharged.
May 19, 2006
Subcommittee Hearings Held.
May 16, 2006
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
May 10, 2006
Referred to the House Committee on Financial Services.
May 10, 2006
Introduced in House
 Plain-English summary Congressional Research Service

(This measure has not been amended since it was reported to the House on June 19, 2006. The summary of that version is repeated here.)

Seasoned Customer CTR Exemption Act of 2006 - Amends federal money and finance law to: (1) repeal the current authority of the Secretary of the Treasury to exempt a depository institution from currency transaction reporting (CTR) requirements with respect to transactions between the depository institution and a qualified business customer; and (2) instruct the Secretary to prescribe regulations that exempt a depository institution from filing a CTR if the transaction is with a qualified customer.

Defines qualified customer as any person that: (1) is incorporated or organized under federal or state law, including a sole proprietorship, or is registered as and eligible to do business within the United States or a state; (2) has maintained a deposit account with the depository institution for at least 12 months; and (3) has engaged, using such account, in multiple currency transactions subject to federal CTR requirements.

Requires such regulations to require a depository institution to file a one-time notice of designation of exemption for each of its qualified customers.

Authorizes the Secretary to: (1) suspend, reject, or revoke any qualified customer exemption notice; and (2) establish conditions under which exempt qualified customers of an insured depository institution merged with or acquired by another insured depository institution will continue to be treated as designated exempt qualified customers of the surviving or acquiring institution.

Requires the Secretary to submit a three-year review and report evaluating implementation of this Act.

Requires the Secretary to review every five years: (1) the continuing appropriateness, relevance, and utility of each threshold amount or denomination established for any mandatory CTR; (2) adjust such amount for inflation, if any; and (3) report to Congress the review findings and conclusions, together with an explanation for any adjustment, or lack of adjustment, of any threshold amount or denomination.

What's happening now June 28, 2006

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 3
 Cosponsors 1
All 1 Democratic 1