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HR 5119 118th Congress House Commerce Business records Fraud offenses and financial crimes Small business

Protect Small Business and Prevent Illicit Financial Activity Act

Introduced: August 1, 2023 Introduced by: Nunn, Zachary Republican · Iowa See on congress.gov
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 Everywhere this bill has been 15 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 13, 2023
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dec 12, 2023
Motion to reconsider laid on the table Agreed to without objection.
Dec 12, 2023
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)
Dec 12, 2023
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)
Dec 12, 2023
Considered as unfinished business. (consideration: CR H6834-6835)
Dec 11, 2023
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.
Dec 11, 2023
DEBATE - The House proceeded with forty minutes of debate on H.R. 5119.
Dec 11, 2023
Considered under suspension of the rules. (consideration: CR H6752-6753)
Dec 11, 2023
Mr. Nunn (IA) moved to suspend the rules and pass the bill, as amended.
Dec 11, 2023
Placed on the Union Calendar, Calendar No. 244.
Dec 11, 2023
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-303.
Sep 20, 2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 47 - 0.
Sep 20, 2023
Committee Consideration and Mark-up Session Held
Aug 1, 2023
Referred to the House Committee on Financial Services.
Aug 1, 2023
Introduced in House
 Votes taken on this bill 1
DateChamberWhat was voted onResultYes–No
Dec 12, 2023 House · vote #713 On Motion to Suspend the Rules and Pass, as Amended Passed 420–1 See who voted →
 Plain-English summary Congressional Research Service

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).

What's happening now December 13, 2023

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

 Committees of jurisdiction 2
 Cosponsors 3
All 3 Democratic 2 Republican 1