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119-sjres-15119th CongressWALLET

A joint resolution disapproving the rule submitted by the Financial Crimes Enforcement Network relating to "Anti-Money Laundering Regulations for Residential Real Estate Transfers".

Sponsored By: Senator Lee, Mike [R-UT]

Introduced

Summary

Nullifies FinCEN's anti-money-laundering rule for residential real estate transfers. This joint resolution would void the final rule published at 89 Fed. Reg. 70258 and keep current Financial Crimes Enforcement Network requirements for home transfers in place.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Cancel new home-sale reporting rule

This bill would disapprove the FinCEN final rule titled "Anti-Money Laundering Regulations for Residential Real Estate Transfers" (89 Fed. Reg. 70258, Aug. 29, 2024). If enacted, that rule would have no force or effect upon enactment. Homebuyers, home sellers, title companies, and real estate agents would not have to follow the new rule. The prior AML rules for residential real estate transfers would remain in place.

Sponsors & CoSponsors

Sponsor

Lee, Mike [R-UT]

UT • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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