Protect Small Business and Prevent Illicit Financial Activity Act

Hozzl · 2024-01-04T02:41:14Z

Explore the details of House Bill 5119 Protect Small Business and Prevent Illicit Financial Activity Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Commerce. Stay informed on legislative developments.

1/4/2024, 2:41 AM

Congressional Summary of HR 5119

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).

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Current Status of Bill HR 5119

Bill HR 5119 is currently in the status of Bill Introduced since August 1, 2023. Bill HR 5119 was introduced during Congress 118 and was introduced to the House on August 1, 2023. Bill HR 5119's most recent activity was Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of December 13, 2023

Bipartisan Support of Bill HR 5119

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 5119

Primary Policy Focus

Commerce

Potential Impact Areas

- Business records

- Fraud offenses and financial crimes

- Small business

Alternate Title(s) of Bill HR 5119

Protect Small Business and Prevent Illicit Financial Activity Act

To amend title 31, United States Code, to provide small businesses with additional time to file beneficial ownership information, and for other purposes.