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.’’.

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Sen. James Lankford

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