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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.
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.
Read the Full Bill
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
13Democrat Sponsors
0Republican Sponsors
13Unaffiliated Sponsors
0Total Number of Cosponsors
47Democrat Cosponsors
12Republican Cosponsors
35Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 736
Primary Policy Focus
Finance and Financial SectorAlternate 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.
Comments
Kimber Griffin
429
10 months ago
This bill is ridiculous!
Arthur Hart
437
9 months ago
This bill sounds like it could help small businesses, but who exactly is it going to impact?
Sponsors and Cosponsors of HR 736
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