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United States · Bill · HR

H.R. 323 (110th)

Seasoned Customer CTR Exemption Act of 2007

referredUnited States· United States Congress· EN

Introduced

9 January 2007

Last action

24 January 2007 · Introduced

Status

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

Sponsors

Rep. Bachus, Spencer [R-AL-6], Rep. Frank, Barney [D-MA-4], Rep. Maloney, Carolyn B. [D-NY-12], Rep. Gillmor, Paul E. [R-OH-5], Rep. Hensarling, Jeb [R-TX-5], Rep. Moore, Dennis [D-KS-3], Rep. Biggert, Judy [R-IL-13], Rep. Jones, Walter B., Jr. [R-NC-3], Rep. Wasserman Schultz, Debbie [D-FL-25], Rep. Shays, Christopher [R-CT-4], Rep. Feeney, Tom [R-FL-24], Rep. Hinojosa, Ruben [D-TX-15], Rep. Paul, Ron [R-TX-14], Rep. Garrett, Scott [R-NJ-5], Rep. Clay, Wm. Lacy [D-MO-1], Rep. Renzi, Rick [R-AZ-1], Rep. Neugebauer, Randy [R-TX-19], Rep. Davis, Geoff [R-KY-4], Rep. McHenry, Patrick T. [R-NC-10], Rep. Hooley, Darlene [D-OR-5], Rep. McCarthy, Carolyn [D-NY-4], Rep. Matheson, Jim [D-UT-2], Rep. Castle, Michael N. [R-DE-At Large], Rep. Miller, Gary G. [R-CA-42], Rep. Davis, Artur [D-AL-7], Rep. Campbell, John [R-CA-48]

Subjects

Discovery layer

Source updated

7 April 2025

Official sourceDownload fileView documentsShare

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 9 January 2007

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 9 January 2007

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 9 January 2007

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 23 January 2007

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  5. 23 January 2007

    Passed

    On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H848-849)

    Source: Floor

  6. 23 January 2007

    Passed

    Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H848-849)

    Source: Floor

  7. 23 January 2007

    Floor

    DEBATE - The House proceeded with forty minutes of debate on H.R. 323.

    Source: Floor

  8. 23 January 2007

    Floor

    Considered under suspension of the rules. (consideration: CR H848-851)

    Source: Floor

  9. 23 January 2007

    Floor

    Mr. Frank (MA) moved to suspend the rules and pass the bill.

    Source: Floor

  10. 24 January 2007

    Introduced

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

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

8 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 24 January 2007

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 24 January 2007

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  • Engrossed in House (text)

    Engrossed in House · EN · 23 January 2007

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 23 January 2007

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  • Passed House without amendment

    summary · EN · 23 January 2007

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  • Introduced in House (text)

    Introduced in House · EN · 9 January 2007

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  • Introduced in House (PDF)

    Introduced in House · EN · 9 January 2007

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  • Introduced in House

    summary · EN · 9 January 2007

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Sponsors

Related records

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Sources

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