Protect Small Business and Prevent Illicit Financial Activity Act

Bill: 118-hr-5119
Sponsor: Rep. Nunn, Zachary [R-IA-3]
Introduced: 2023-08-01 in the House
Policy area: Commerce
Subjects: Business records
Fraud offenses and financial crimes
Small business

Summary:
action_date: 2023-08-01
text: 

Protect Small Business and Prevent Illicit Financial Activity Act

 
This bill revises the requirements for small U.S. companies to report certain beneficial ownership information that take effect on January 1, 2024. Beneficial ownership information includes the identity of an individual behind a corporate entity.
 
The bill extends the deadline for companies to report ownership information to the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). Specifically, existing companies must file their initial ownership report within two years (current regulations require the report within one year). New companies must file their initial ownership report within 90 days (current regulations require the report within 30 days). Companies must report updates or changes in ownership within 90 days (current regulations require companies to report such changes within 30 days). 

action_date: 2023-12-11
text: 

Protect Small Business and Prevent Illicit Financial Activity Act

 
This bill revises the requirements for small U.S. companies to report certain beneficial ownership information that take effect on January 1, 2024. Beneficial ownership information includes the identity of an individual behind a corporate entity.
 
The bill extends the deadline for companies to report ownership information to the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). Specifically, existing companies must file their initial ownership report within two years (current regulations require the report within one year). New companies must file their initial ownership report within 90 days (current regulations require the report within 30 days). Companies must report updates or changes in ownership within 90 days (current regulations require companies to report such changes within 30 days). 

action_date: 2023-12-12
text: 

Protect Small Business and Prevent Illicit Financial Activity Act

 
This bill revises the requirements for small U.S. companies to report certain beneficial ownership information that take effect on January 1, 2024. Beneficial ownership information includes the identity of an individual behind a corporate entity.
 
The bill extends the deadline for companies to report ownership information to the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). Specifically, existing companies must file their initial ownership report within two years (current regulations require the report within one year). New companies must file their initial ownership report within 90 days (current regulations require the report within 30 days). Companies must report updates or changes in ownership within 90 days (current regulations require companies to report such changes within 30 days). 


Legislative actions:
action_date: 2023-12-13
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2023-12-12
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2023-12-12
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 420 - 1 (Roll no. 713). (text: 12/11/2023 CR H6752)
action_date: 2023-12-12
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 420 - 1 (Roll no. 713). (text: 12/11/2023 CR H6752)
action_date: 2023-12-12
text: Considered as unfinished business. (consideration: CR H6834-6835)
action_date: 2023-12-11
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2023-12-11
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 5119.
action_date: 2023-12-11
text: Considered under suspension of the rules. (consideration: CR H6752-6753)
action_date: 2023-12-11
text: Mr. Nunn (IA) moved to suspend the rules and pass the bill, as amended.
action_date: 2023-12-11
text: Placed on the Union Calendar, Calendar No. 244.
action_date: 2023-12-11
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-303.
action_date: 2023-12-11
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-303.
action_date: 2023-09-20
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 47 - 0.
action_date: 2023-09-20
text: Committee Consideration and Mark-up Session Held
action_date: 2023-08-01
text: Referred to the House Committee on Financial Services.
action_date: 2023-08-01
text: Introduced in House
action_date: 2023-08-01
text: Introduced in House