Protect Small Business and Prevent Illicit Financial Activity Act

Bill: 118-hr-5119
Sponsor: full_name: Rep. Nunn, Zachary [R-IA-3]
Introduced: 2023-08-01
Policy area: Commerce
Subjects: Business records

Fraud offenses and financial crimes

Small business
Latest action: action_date: 2023-12-13
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-08-01
action_desc: Introduced in House
text: <p><b>Protect Small Business and Prevent Illicit Financial Activity Act</b></p> <p>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.</p> <p>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). </p>

action_date: 2023-12-11
action_desc: Reported to House
text: <p><b>Protect Small Business and Prevent Illicit Financial Activity Act</b></p> <p>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.</p> <p>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). </p>

action_date: 2023-12-12
action_desc: Passed House
text: <p><b>Protect Small Business and Prevent Illicit Financial Activity Act</b></p> <p>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.</p> <p>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). </p>

tv_txt: IIB 118th CONGRESS 1st Session H. R. 5119 IN THE SENATE OF THE UNITED STATES December 13, 2023 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To amend title 31, United States Code, to provide small businesses with additional time to file beneficial ownership information, and for other purposes.

1. Short title This Act may be cited as the Protect Small Business and Prevent Illicit Financial Activity Act . 2. Beneficial ownership information reporting deadlines for small businesses Section 5336(b)(1) of title 31, United States Code, is amended— (1) in subparagraph (B)— (A) by inserting (but which may not adjust the report submission deadline) after Treasury ; and (B) by striking in a timely manner, and ; (2) in subparagraph (C)— (A) by inserting (but which may not adjust the report submission deadline) after Treasury ; and (B) by striking at the time of and inserting not later than 90 days after the date of such ; (3) in subparagraph (D)— (A) by inserting (but which may not adjust the report submission deadline) after Treasury ; and (B) by striking in a timely manner, and not later than 1 year and inserting not later than 90 days ; and (4) by adding at the end the following: (H) Unable to obtain FinCEN may not by rule, guidance, or otherwise, permit a reporting company from submitting a report relating to the inability of the reporting company to obtain or identify information in the alternative to submitting a report required under this subsection. .

Passed the House of Representatives December 12, 2023. Kevin F. McCumber, Clerk.

tv_txt: I 118th CONGRESS 1st Session H. R. 5119 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend title 31, United States Code, to provide small businesses with additional time to file beneficial ownership information, and for other purposes.

1. Short title This Act may be cited as the Protect Small Business and Prevent Illicit Financial Activity Act . 2. Beneficial ownership information reporting deadlines for small businesses Section 5336(b)(1) of title 31, United States Code, is amended— (1) in subparagraph (B)— (A) by inserting (but which may not adjust the report submission deadline) after Treasury ; and (B) by striking in a timely manner, and ; (2) in subparagraph (C)— (A) by inserting (but which may not adjust the report submission deadline) after Treasury ; and (B) by striking at the time of and inserting not later than 90 days after the date of such ; (3) in subparagraph (D)— (A) by inserting (but which may not adjust the report submission deadline) after Treasury ; and (B) by striking in a timely manner, and not later than 1 year and inserting not later than 90 days ; and (4) by adding at the end the following: (H) Unable to obtain FinCEN may not by rule, guidance, or otherwise, permit a reporting company from submitting a report relating to the inability of the reporting company to obtain or identify information in the alternative to submitting a report required under this subsection. .

Passed the House of Representatives December 12, 2023. Cheryl L. Johnson, Clerk.

tv_txt: IB Union Calendar No. 244 118th CONGRESS 1st Session H. R. 5119 [Report No. 118–303] IN THE HOUSE OF REPRESENTATIVES August 1, 2023 Mr. Nunn of Iowa (for himself and Mrs. Beatty ) introduced the following bill; which was referred to the Committee on Financial Services December 11, 2023 Additional sponsors: Mr. Meuser and Mr. Sherman December 11, 2023 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on August 1, 2023 A BILL To amend title 31, United States Code, to provide small businesses with additional time to file beneficial ownership information, and for other purposes.

1. Short title This Act may be cited as the Protect Small Business and Prevent Illicit Financial Activity Act . 2. Beneficial ownership information reporting deadlines for small businesses Section 5336(b)(1) of title 31, United States Code, is amended— (1) in subparagraph (B)— (A) by inserting (but which may not adjust the report submission deadline) after Treasury ; and (B) by striking in a timely manner, and ; (2) in subparagraph (C)— (A) by inserting (but which may not adjust the report submission deadline) after Treasury ; and (B) by striking at the time of and inserting not later than 90 days after the date of such ; (3) in subparagraph (D)— (A) by inserting (but which may not adjust the report submission deadline) after Treasury ; and (B) by striking in a timely manner, and not later than 1 year and inserting not later than 90 days ; and (4) by adding at the end the following: (H) Unable to obtain FinCEN may not by rule, guidance, or otherwise, permit a reporting company from submitting a report relating to the inability of the reporting company to obtain or identify information in the alternative to submitting a report required under this subsection. .

December 11, 2023 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

tv_txt: I 118th CONGRESS 1st Session H. R. 5119 IN THE HOUSE OF REPRESENTATIVES August 1, 2023 Mr. Nunn of Iowa (for himself and Mrs. Beatty ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend title 31, United States Code, to provide small businesses with additional time to file beneficial ownership information, and for other purposes.

1. Short title This Act may be cited as the Protect Small Business and Prevent Illicit Financial Activity Act . 2. Beneficial ownership information reporting deadlines for small businesses Section 5336(b)(1) of title 31, United States Code, is amended— (1) in subparagraph (B)— (A) by inserting (but which may not adjust the report submission deadline) after Treasury ; and (B) by striking in a timely manner, and ; (2) in subparagraph (C)— (A) by inserting (but which may not adjust the report submission deadline) after Treasury ; and (B) by striking at the time of and inserting not later than 90 days after the date of such ; (3) in subparagraph (D)— (A) by inserting (but which may not adjust the report submission deadline) after Treasury ; and (B) by striking in a timely manner, and not later than 1 year and inserting not later than 90 days ; and (4) by adding at the end the following: (H) Unable to obtain FinCEN may not by rule, guidance, or otherwise, permit any reporting company from submitting a report relating to the inability of the reporting company to obtain or identify information in the alternative to submitting a report required under this subsection. .