{"format":1,"id":"118-hr-5119","congress":118,"number":"H.R. 5119","kind":"bill","group":"bills","title":"Protect Small Business and Prevent Illicit Financial Activity Act","title_source":"Short Title(s) as Passed House","official_title":"To amend title 31, United States Code, to provide small businesses with additional time to file beneficial ownership information, and for other purposes.","titles":[{"type":"Official Title as Introduced","title":"To amend title 31, United States Code, to provide small businesses with additional time to file beneficial ownership information, and for other purposes."},{"type":"Display Title","title":"Protect Small Business and Prevent Illicit Financial Activity Act"},{"type":"Short Titles from RFS (Referred to Senate) bill text","title":"Protect Small Business and Prevent Illicit Financial Activity Act"},{"type":"Short Title(s) as Introduced","title":"Protect Small Business and Prevent Illicit Financial Activity Act"},{"type":"Short Title(s) as Reported to House","title":"Protect Small Business and Prevent Illicit Financial Activity Act"},{"type":"Short Title(s) as Passed House","title":"Protect Small Business and Prevent Illicit Financial Activity Act"}],"outcome":"passed_house","law_number":null,"introduced":"2023-08-01","chambers":{"house":{"status":"roll_call","date":"2023-12-12","vote":{"id":"118-2023-h713","question":"On Motion to Suspend the Rules and Pass, as Amended","title":"Protect Small Business and Prevent Illicit Financial Activity Act","result":"Passed","yea":420,"nay":1,"present":0,"not_voting":12,"source":"https://clerk.house.gov/evs/2023/roll713.xml"}},"senate":{"status":"na","date":null,"vote":null}},"president":{"status":"na","date":null},"vice_president_tie_breaker":null,"latest_action":{"text":"Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.","date":"2023-12-13"},"nominees":null,"amendments":[],"other_votes":[],"crs_summary":{"date":"2023-12-12","stage":"Passed House","blocks":[{"k":"h","t":"Protect Small Business and Prevent Illicit Financial Activity Act"},{"k":"p","t":"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."},{"k":"p","t":"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)."}],"words":127},"summary":{"main_subject":{"text":"Amends section 5336(b)(1) of title 31, United States Code, to change the wording on report submission deadlines for beneficial ownership information and to limit FinCEN's authority over alternative reports.","cites":[{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/5119/text/eh#H78BCCEE5932044A2A102B9A79CD80BC3"}]},"core_areas":["Beneficial ownership information report deadlines","FinCEN authority over alternative reports from reporting companies"],"what_it_does":[{"text":"Replaces the words \"in a timely manner, and not later than 1 year\" with \"not later than 90 days\" in subparagraph (D) of section 5336(b)(1) of title 31.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/5119/text/eh#H78BCCEE5932044A2A102B9A79CD80BC3"}},{"text":"Replaces the words \"at the time of\" with \"not later than 90 days after the date of such\" in subparagraph (C) of section 5336(b)(1) of title 31.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/5119/text/eh#H78BCCEE5932044A2A102B9A79CD80BC3"}},{"text":"Strikes the words \"in a timely manner, and\" from subparagraph (B) of section 5336(b)(1) of title 31.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/5119/text/eh#H78BCCEE5932044A2A102B9A79CD80BC3"}},{"text":"Inserts the words \"(but which may not adjust the report submission deadline)\" after \"Treasury\" in subparagraphs (B), (C) and (D) of section 5336(b)(1) of title 31.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/5119/text/eh#H78BCCEE5932044A2A102B9A79CD80BC3"}},{"text":"Adds subparagraph (H), which bars FinCEN from permitting, by rule, guidance or otherwise, a reporting company to submit a report about being unable to obtain or identify information in place of a required report.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/118th-congress/house-bill/5119/text/eh#H78BCCEE5932044A2A102B9A79CD80BC3"}}],"unexpected":[],"version":{"type":"Engrossed in House","date":"2023-12-12","rule":"passed","href":"https://www.congress.gov/bill/118th-congress/house-bill/5119/text/eh"},"current":true,"model":"claude-sonnet-5-5","approved":"2026-10-01","approved_by":"checks"},"sources":{"congress_gov":"https://www.congress.gov/bill/118th-congress/house-bill/5119","text":"https://www.congress.gov/bill/118th-congress/house-bill/5119/text"},"card":{"image":"card/item/118-hr-5119.png","v":"14f7c0f6d1d0","alt":"Votes on Record. H.R. 5119, 118th Congress: Protect Small Business and Prevent Illicit Financial Activity Act. House: 420 Yea, 1 Nay. Outcome: Passed House, 12 Dec 2023."}}