II
118th CONGRESS
2nd SESSION S. 3625
To amend title 31, United States Code, to provide small businesses with
additional time to file beneficial ownership information, and for other
purposes.
IN THE SENATE OF THE UNITED STATES
JANUARY 18, 2024
Mr. SCOTT of South Carolina introduced the following bill; which was read
twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To amend title 31, United States Code, to provide small
businesses with additional time to file beneficial owner-
ship information, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Protect Small Business and Prevent Illicit Financial Activity Act’’.
SEC. 2. BENEFICIAL OWNERSHIP INFORMATION REPORTING DEADLINES FOR SMALL BUSINESSES.
Section 5336(b)(1) of title 31, United States Code, is amended—
- (1) in subparagraph (B)—
(A) by inserting ‘‘(but which may not adjust the report submission deadline)’’ after ‘‘Treasury’’; and
(B) by striking ‘‘in a timely manner, and’’;
- (2) in subparagraph (C)—
(A) by inserting ‘‘(but which may not adjust the report submission deadline)’’ after ‘‘Treasury’’; and
(B) by striking ‘‘at the time of’’ and inserting ‘‘not later than 90 days after the date of such’’;
- (3) in subparagraph (D)—
(A) by inserting ‘‘(but which may not adjust the report submission deadline)’’ after ‘‘Treasury’’; and
(B) by striking ‘‘in a timely manner, and not later than 1 year’’ and inserting ‘‘not later than 90 days’’; and
- (4) by adding at the end the following:
‘‘(H) UNABLE TO OBTAIN.—FinCEN may not by rule, guidance, or otherwise, permit a reporting company from submitting a report relating to the inability of the reporting company to obtain or identify information in the alternative to submitting a report required under this subsection.’’.
Æ