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DE HB57
Bill
Status
3/15/2018
Primary Sponsor
John Kowalko
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AI Summary
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Secretary of State shall not certify formation or domestication of LLCs for any person, group, organization, or government on the Office of Foreign Assets Control (OFAC) Active Sanctions Program lists.
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Registered agents contracted with the Department of State must use OFAC sanctions lists to screen potential clients and reject applicants appearing on any sanctions lists.
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All registered agents filing LLC applications must also screen applicants against OFAC sanctions lists to prevent forming companies for sanctioned entities.
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Registered agents identifying a match with a sanctioned name are not required to report the match to government authorities but must reject the applicant as a client.
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Secretary of State shall distribute copies of the Act and OFAC website links to all registered agents within one week of Governor's signature, with subsequent publication on the Division of Corporations webpage; provisions effective October 1, 2018.
Legislative Description
An Act To Amend Title 6 Of The Delaware Code Relating To Limited Liability Companies.
Last Action
Adopted in lieu of the original bill HB 57, and Assigned to Judiciary Committee in House
3/15/2018