Seasoned Customer CTR Exemption Act of 2007

To amend section 5313 of title 31, United States Code, to reform certain requirements for reporting cash transactions, and for other purposes.

1/23/2007--Passed House without amendment. (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.


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Sponsor

• Rep. Spencer Bachus [R, AL-6]
• and 25 Co-Sponsors
  • Rep. Judy Biggert [R, IL-13]
  • Rep. John Campbell [R, CA-48]
  • Rep. Michael Castle [R, DE-0]
  • Rep. William Clay [D, MO-1]
  • Rep. Geoff Davis [R, KY-4]
  • Rep. Artur Davis [D, AL-7]
  • Rep. Tom Feeney [R, FL-24]
  • Rep. Barney Frank [D, MA-4]
  • Rep. E. Scott Garrett [R, NJ-5]
  • Rep. Paul Gillmor [R, OH-5]
  • Rep. Jeb Hensarling [R, TX-5]
  • Rep. Rubén Hinojosa [D, TX-15]
  • Rep. Darlene Hooley [D, OR-5]
  • Rep. Walter Jones [R, NC-3]
  • Rep. Carolyn Maloney [D, NY-14]
  • Rep. Jim Matheson [D, UT-2]
  • Rep. Carolyn McCarthy [D, NY-4]
  • Rep. Patrick Mchenry [R, NC-10]
  • Rep. Gary Miller [R, CA-42]
  • Rep. Dennis Moore [D, KS-3]
  • Rep. Randy Neugebauer [R, TX-19]
  • Rep. Ronald Paul [R, TX-14]
  • Rep. Rick Renzi [R, AZ-1]
  • Rep. Christopher Shays [R, CT-4]
  • Rep. Debbie Wasserman Schultz [D, FL-20]
  close

Committees

• Senate Banking, Housing, and Urban Affairs
• 1 more
  • House Financial Services
  close

Amendments

This bill has no amendments.

Amendments to H.R.323

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
January 09, 2007		January 23, 2007

Show All Actions (7 actions)Hide Actions

All Bill Actions

• Jan 24, 2007: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Passed by voice vote in the House on Jan 23, 2007. On motion to suspend the rules and pass the bill Agreed to by voice vote.
• 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.
• Jan 23, 2007: Mr. Frank (MA) moved to suspend the rules and pass the bill.
• Jan 09, 2007: Referred to the House Committee on Financial Services.
• Introduced on Jan 09, 2007.

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Related Issue Areas:

• Finance
• Administrative procedure
• Bank deposits
• Bank records
• 14 more
• Banks and banking
• Business
• Coins and coinage
• Congressional reporting requirements
• Crime prevention
• Criminal justice
• Department of the Treasury
• Executive departments
• Financial institutions
• Government information
• Government paperwork
• Law
• Money
• Money laundering

Data from the Congressional Research Service

In the News

February 28, 2007 GBP Applauds State Rep. Charlice Byrd for Bioeconomic Development ...

HR 323 calls for the Commission, appointed by Gov. Sonny Perdue, Lt. Governor Casey Cagle and House Speaker Glenn Richardson, to hold a summit this spring ...

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Source: Drug Newswire (press release), CT

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February 22, 2007 GBP Applauds State Rep. Charlice Byrd for Bioeconomic Development ...

HR 323 calls for the Commission, appointed by Gov. Sonny Perdue, Lt. Governor Casey Cagle and House Speaker Glenn Richardson, to hold a summit this spring ...

Was this article useful? Yes or No

Source: PharmaLive.com (press release), PA

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February 22, 2007 GBP Applauds State Rep. Charlice Byrd for Bioeconomic Development ...

HR 323 calls for the Commission, appointed by Gov. Sonny Perdue, Lt. Governor Casey Cagle and House Speaker Glenn Richardson, to hold a summit this spring ...

Was this article useful? Yes or No

Source: PR Newswire (press release), NY

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Blog Coverage

January 22, 2007 HR 323, 392, and 599, Forex, Coins and SAFETY

HR 323 creates a Qualified Customer Exemption to streamline the paperwork and ... HR 323 reduces paperwork for industry incubents (newcomers will not get the ... Because HR 323 is liable to succumb to industry capture, and because it ...

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Source: The Bill Reader

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January 10, 2007 Bill Action: Passed House: HR 323: Seasoned Customer CTR Exemption ...

Passed House by voice vote. [This event matched these monitors: Active Legislation ]

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Source: Active Legislation -- Monitored by govtrack.us

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