Sec. 702. Expansion of geographic targeting orders of Financial Crimes Enforcement Network
205 words·~1 min read·
/bill/116/s/482/is/section-702A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 5326 of title 31, United States Code, is amended by adding at the end the following: The Secretary shall issue an order under subsection
(a)requiring a domestic title insurance company to obtain, maintain, and report to the Secretary information on the beneficial owners of entities that purchase residential real estate in high-value transactions in which the domestic title insurance company is involved. In this subsection: The term beneficial owner , with respect to an entity, means an individual who, directly or indirectly, owns 25 percent or more of the equity interests in the entity. The term domestic title insurance company has the meaning given that term in regulations prescribed by the Secretary. The term high-value , with respect to a real estate transaction, has the meaning given that term in regulations prescribed by the Secretary based on the real estate market in which the transaction takes place. . Not later than 90 days after the date of the enactment of this Act, the Secretary of the Treasury shall prescribe regulations to carry out the amendment made by subsection (a). There are authorized to be appropriated to the Secretary such sums as may be necessary to carry out the amendment made by subsection (a).