H.R. 5119 explained · 118th Congress · Not enacted (118th Congress ended)
Protect Small Business and Prevent Illicit Financial Activity Act
Cosponsors: 3 (2 D, 1 R) · per Congress.gov, 2026-10-11
Introduced: 2023-08-01
Latest action (2023-12-13): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
What H.R. 5119 does, in plain terms
Protect Small Business and Prevent Illicit Financial Activity Act 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. 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).
Official summary by the Congressional Research Service, via Congress.gov.
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