Skip to main content
H.R. 477 115th Congress House

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

Official title: To amend the Securities Exchange Act of 1934 to exempt from registration brokers performing services in connection with the transfer of ownership of smaller privately held companies.

Introduced: January 12, 2017 Introduced by: Bill Huizenga Republican · Michigan See on congress.gov
Finance and Financial Sector Banking and financial institutions regulationBusiness recordsCorporate finance and managementLicensing and registrations
More subjectsShow fewer subjects
SecuritiesSmall business
Sign in to write a letter Sign in to watch
This bill died when the 115th Congress ended
It never became law before the 115th Congress (2017–2018) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 17 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 11, 2017
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dec 7, 2017
Motion to reconsider laid on the table Agreed to without objection.
Dec 7, 2017
On passage Passed by the Yeas and Nays: 426 - 0 (Roll no. 669).
Dec 7, 2017
Considered as unfinished business. (consideration: CR H9742-9743)
Dec 7, 2017
POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 477, the Chair put the question on passage of the bill, and announced by voice vote that the ayes had prevailed. Mr. Hensarling demanded the yeas and nays, and the Chair postponed further proceedings on the question of passage until later in the legislative day.
Dec 7, 2017
DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1.
Dec 7, 2017
DEBATE - The House proceeded with one hour of debate on H.R. 477.
Dec 7, 2017
Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion
Dec 7, 2017
Considered under the provisions of rule H. Res. 647. (consideration: CR H9739-9742; text of amendment in the nature of a substitute: CR H9739-9740)
Dec 6, 2017
Rules Committee Resolution H. Res. 647 Reported to House. Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion
Nov 30, 2017
Placed on the Union Calendar, Calendar No. 318.
Nov 30, 2017
Reported by the Committee on Financial Services. H. Rept. 115-431.
Oct 12, 2017
Ordered to be Reported by the Yeas and Nays: 37 - 23.
Oct 12, 2017
Committee Consideration and Mark-up Session Held.
Oct 11, 2017
Committee Consideration and Mark-up Session Held.
Jan 12, 2017
Referred to the House Committee on Financial Services.
Jan 12, 2017
Introduced in House
 Votes taken on this bill 1
DateChamberWhat was voted onResultYes–No
Dec 7, 2017 House · vote #669 On Passage Passed 426–0 See who voted →
 Amendments to this bill 2

Amendments propose changes to this bill. Members vote on amendments separately before the final bill vote. An agreed amendment becomes part of the bill; a failed amendment does not.

1 agreed to 1 with no recorded outcome

AmendmentSponsorPurposeStatusLatest action
HAMDT 495 Sherman, Brad An amendment numbered 1 printed in Part A of House Report 115-443 to make several changes that provide additi… Agreed to Dec 7, 2017
HAMDT 494 – Pursuant to the provisions of H.Res. 647 the amendment in the nature of a substitute consisting of the text o… No recorded outcome –
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Latest action December 11, 2017

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Plain-English summary Congressional Research Service

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to exempt from that Act's registration requirements merger-and-acquisition brokers that facilitate transfer of ownership in privately held companies with earnings or revenues under a specified threshold. This exemption shall not apply, however, to brokers that:

  • receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer;
  • engage on behalf of an issuer in a public offering of registered securities;
  • engage on behalf of any party in a transaction involving specified shell companies;
  • provide financing related to the transfer of ownership;
  • assist any party to obtain financing from a third party in specified circumstances;
  • represent both buyer and seller without disclosure and consent from both parties;
  • facilitate a transaction with a group of buyers formed with the assistance of the broker;
  • engage in transferring ownership to a passive buyer;
  • bind a party to a transfer of ownership; or
  • are subject to suspension or revocation of registration or to other specified disqualifications.
 Related & companion bills 5
  • HR 6147 Interior, Environment, Financial Services and General Government, Agriculture, Rural Development, Food and Drug Adminis…
  • S 488 Encouraging Employee Ownership Act
  • S 3518 Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018
  • HR 10 Financial CHOICE Act of 2017
  • HRES 647 Providing for consideration of the bill (H.R. 477) to amend the Securities Exchange Act of 1934 to exempt from registra…
 Bill text 4 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 7
All 7 Democratic 1 Republican 4
R
Sessions, Pete
Texas · Nov 29, 2017
 R
Budd, Ted
North Carolina · Nov 15, 2017
 D
Lofgren, Zoe
California · Jul 27, 2017
Young, David
· Apr 3, 2017
 R
Lucas, Frank D.
Oklahoma · Mar 28, 2017
BRADY, KEVIN
· Mar 1, 2017
 R
Joyce, David P.
Ohio · Jan 31, 2017
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 477: Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017. 115th Congress. Open America. https://openamerica.io/bill/115-HR-477/
MLA
"H.R. 477: Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017." 115th Congress, 2026, Open America, https://openamerica.io/bill/115-HR-477/.
Bluebook (legal)
H.R. 477, 115th Cong. (2026), https://openamerica.io/bill/115-HR-477/.
Markdown link
[H.R. 477: Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017](https://openamerica.io/bill/115-HR-477/)
Report a problem