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US HB3829
Bill
Status
6/6/2025
Primary Sponsor
Nydia Velazquez
Click for details
AI Summary
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Requires the Director of FinCEN and the SBA Administrator to meet within 30 days and enter into a written memorandum of understanding within 90 days to coordinate dissemination of beneficial ownership reporting information to small businesses
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Mandates the agencies jointly disseminate compliance information through SBA resource partners (small business development centers, women's business centers, Veteran Business Outreach Centers), make materials available in English, Spanish, and other languages, and add FinCEN links to the SBA website homepage
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Requires the agencies to implement a plan to identify and counter beneficial ownership reporting scams, host in-person town halls and webinars featuring FinCEN compliance presentations, and conduct semi-annual coordination meetings
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Establishes a reporting requirement for joint reports to Congress every 30 days detailing outreach actions taken, estimated number of companies receiving assistance, and current compliance numbers
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Expresses the sense of Congress that full implementation of the Corporate Transparency Act is critical to combat money laundering, terrorism financing, tax fraud, human trafficking, and other illicit activities facilitated by anonymous shell companies
Legislative Description
FinCEN–SBA Coordination on Beneficial Ownership Registration Act
Commerce
Last Action
Referred to the Committee on Financial Services, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
6/6/2025