[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3625 Introduced in Senate (IS)]

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118th CONGRESS
  2d 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 ownership 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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