HR 5119 · 118th Congress · Commerce
Protect Small Business and Prevent Illicit Financial Activity Act
Bill Progress
✓
Introduced✓
Committee✓
House Vote4
Senate5
EnactedLatest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.(2023-12-13)
Recorded Votes
How Did Your Rep Vote?
Enter a ZIP code or representative's name
Plain Language Summary
[AI summary unavailable — showing source 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).…
Summarized by Claude AI · Non-partisan · For informational purposes only
CBO Cost Estimate
Congressional Budget OfficeH.R. 5119, Protect Small Business and Prevent Illicit Financial Activity Act
Nov 6, 2023As reported by the House Committee on Financial Services on September 20, 2023
Full CBO report ↗Official non-partisan budget analysis by the Congressional Budget Office
Cosponsors (3)
2 Democrats1 Republican