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Rejection of Anti-Money Laundering Rules for Real Estate

This document is a congressional proposal to disapprove new regulations aimed at combating money laundering in residential real estate transactions. If Congress approves this proposal, the previous rules, intended to increase transparency in home purchases, will not take effect. This means that the process of buying and selling real estate will remain without additional requirements related to disclosing funding sources, which may affect transaction privacy but also the potential risk of illegal activities.
Key points
Congress proposes to invalidate new anti-money laundering regulations for residential real estate transfers.
If the proposal is adopted, rules aimed at increasing financial transparency in real estate will not be enforced.
The absence of these regulations means real estate buyers and sellers will not face additional requirements for disclosing funding sources.
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Expired
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Additional Information
Print number: 118_HJRES_212
Sponsor: Rep. Palmer, Gary J. [R-AL-6]
Process start date: 2024-10-18
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Financial Crimes Enforcement Network relating to "Anti-Money Laundering Regulations for Residential Real Estate Transfers".

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HJRES_212.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-10-18.

What are the main provisions?

Key points include:

  • Congress proposes to invalidate new anti-money laundering regulations for residential real estate transfers.
  • If the proposal is adopted, rules aimed at increasing financial transparency in real estate will not be enforced.
  • The absence of these regulations means real estate buyers and sellers will not face additional requirements for disclosing funding sources.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Palmer, Gary J. [R-AL-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Real Estate Courts and Law Economy