H.R. 5119 — Introduced in House

I 118th CONGRESS 1st Session H. R. 5119 IN THE HOUSE OF REPRESENTATIVES August 1, 2023Mr. Nunn of Iowa (for himself and Mrs. Beatty) introduced the following bill; which was referred to the Committee on Financial Services 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. 1. Short title This Act may be cited as the Protect Small Business and Prevent Illicit Financial Activity Act. 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 any 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. .