- Joined
- Aug 3, 2020
- Messages
- 70
- Thread Author
- #1
A
BILL
TO
Protect Private Banks
The people of Democracy Craft, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:
1 - Short Title and Enactment
(1) This Act may be cited as the "CorbinJc Bank Protection Insurance Act" or "CBPI Act"
(2) This act shall take effect upon signage
2 - Provisions
(1) Allow Private Citizens to make private banks
(2) If approved by the DEC for "CPBI", they will be insured by the federal government to operate a fully functioning bank
(3) "CPBI" Will be insurance for banks to store money and loan money
(4) There will be a $2,500 One time fee for CPBI Coverage to prevent abuse of the program, and limit the number of banks
(5) With CPBI Coverage, banks will be expedited in help by the DEC In recovery of funds from players who do not repay, or in circumstances when this may not happen, they will be repaid by the government/CPBI Fund
(6) With an approved CPBI Account, taxes and maximum /companies account balance is waived while active within the CPBI program
(7) DEC is responsible for auditing banks to ensure
(a) Activity by the owner
(b) Bank is actively loaning money to players and companies
(c) Bank is not a front for Tax Evasion
(1) this is ensured by active loaning to players outside of their company
(d) Bank is keeping Active logs of money transactions
(8) DEC reserves the right to disprove or remove any Bank from the program for any suspicion of Tax Fraud, and will be put under investigation
(9) Bank accounts exempt from Taxes must submit logs of financial transactions to the DEC on the last day of every month
(10) Program may be suspended at any time for any reason by the DEC- removing all prtections from act
BILL
TO
Protect Private Banks
The people of Democracy Craft, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:
1 - Short Title and Enactment
(1) This Act may be cited as the "CorbinJc Bank Protection Insurance Act" or "CBPI Act"
(2) This act shall take effect upon signage
2 - Provisions
(1) Allow Private Citizens to make private banks
(2) If approved by the DEC for "CPBI", they will be insured by the federal government to operate a fully functioning bank
(3) "CPBI" Will be insurance for banks to store money and loan money
(4) There will be a $2,500 One time fee for CPBI Coverage to prevent abuse of the program, and limit the number of banks
(5) With CPBI Coverage, banks will be expedited in help by the DEC In recovery of funds from players who do not repay, or in circumstances when this may not happen, they will be repaid by the government/CPBI Fund
(6) With an approved CPBI Account, taxes and maximum /companies account balance is waived while active within the CPBI program
(7) DEC is responsible for auditing banks to ensure
(a) Activity by the owner
(b) Bank is actively loaning money to players and companies
(c) Bank is not a front for Tax Evasion
(1) this is ensured by active loaning to players outside of their company
(d) Bank is keeping Active logs of money transactions
(8) DEC reserves the right to disprove or remove any Bank from the program for any suspicion of Tax Fraud, and will be put under investigation
(9) Bank accounts exempt from Taxes must submit logs of financial transactions to the DEC on the last day of every month
(10) Program may be suspended at any time for any reason by the DEC- removing all prtections from act