Protect Small Businesses from Excessive Paperwork Act of 2025

3/12/2025, 5:12 PM

Summary of Bill HR 736

Bill 119 HR 736, also known as the "Beneficial Ownership Information Reporting Modification Act," aims to amend title 31 of the United States Code. The main purpose of this bill is to change the deadline for reporting beneficial ownership information for companies that were formed or registered before January 1, 2024.

Currently, reporting companies are required to file beneficial ownership information reports by a certain deadline. This bill seeks to modify that deadline, providing more time for companies formed or registered before January 1, 2024 to comply with the reporting requirements.

The goal of this legislation is to ensure that companies have adequate time to gather and submit accurate beneficial ownership information, which is crucial for preventing money laundering, terrorist financing, and other illicit activities. By extending the deadline for certain companies, this bill aims to streamline the reporting process and improve compliance with beneficial ownership regulations. Overall, the Beneficial Ownership Information Reporting Modification Act seeks to enhance transparency and accountability in the financial sector by allowing reporting companies more time to meet their obligations under existing laws.

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Current Status of Bill HR 736

Bill HR 736 is currently in the status of Passed in House since February 10, 2025. Bill HR 736 was introduced during Congress 119 and was introduced to the House on January 24, 2025.  Bill HR 736'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 February 11, 2025

Bipartisan Support of Bill HR 736

Total Number of Sponsors
13
Democrat Sponsors
0
Republican Sponsors
13
Unaffiliated Sponsors
0
Total Number of Cosponsors
47
Democrat Cosponsors
12
Republican Cosponsors
35
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 736

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 736

To amend title 31, United States Code, to modify the deadline for filing beneficial ownership information reports for reporting companies formed or registered before January 1, 2024.To amend title 31, United States Code, to modify the deadline for filing beneficial ownership information reports for reporting companies formed or registered before January 1, 2024.
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Sponsors and Cosponsors of HR 736

R
Zachary Nunn
Iowa(Republican)
R
Tom Emmer
Minnesota(Republican)
R
Sharice Davids
Kansas(Democrat)
R
Donald G. Davis
North Carolina(Democrat)
R
Bill Huizenga
Michigan(Republican)

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