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HR 323 110th 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 2007

Introduced: January 9, 2007 See on congress.gov
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 Everywhere this bill has been 9 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 24, 2007
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jan 23, 2007
Motion to reconsider laid on the table Agreed to without objection.
Jan 23, 2007
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H848-849)
Jan 23, 2007
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H848-849)
Jan 23, 2007
DEBATE - The House proceeded with forty minutes of debate on H.R. 323.
Jan 23, 2007
Considered under suspension of the rules. (consideration: CR H848-851)
Jan 23, 2007
Mr. Frank (MA) moved to suspend the rules and pass the bill.
Jan 9, 2007
Referred to the House Committee on Financial Services.
Jan 9, 2007
Introduced in House
 Plain-English summary Congressional Research Service

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Seasoned Customer CTR Exemption Act of 2007 - Amends federal money and finance law to: (1) repeal the 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 January 24, 2007

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

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1