HR 477
115th Congress
House
Finance and Financial Sector
Banking and financial institutions regulation
Business records
Corporate finance and management
Licensing and registrations
Securities
Small business
Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017
Introduced: January 12, 2017
Introduced by:
Huizenga, Bill
Republican
· Michigan
See on congress.gov
Everywhere this bill has been
18 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
Passed/agreed to in House: 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
| Date | Chamber | What was voted on | Result | Yes–No | |
|---|---|---|---|---|---|
| Dec 7, 2017 | House · vote #669 | On Passage | Passed | 426–0 | See who voted → |
Plain-English summary
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.
What's happening now
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
2