HB 57

Abstract

In an attempt to obey federal law, to coordinate with the federal law enforcement agencies, and to assist Delaware registered agents who form LLCs to avoid severe federal fines, this bill attempts to prevent the use of our Limited Liability Act by persons, businesses, groups and nations identified by federal agencies as a threat to this country. Listed entities on OFAC sanctions lists are narcotics traffickers, terrorists, or criminal enterprises with whom federal law forbids Americans from doing business. The means of meeting these objectives is by requiring screening of potential clients (applicants) by companies who are registered agents approved by this State to represent clients who form LLCs. No sanctions will be employed to obtain cooperation, unless the Secretary of State, who already has the authority to deal with registered agents, finds that they are not cooperating.