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FinCEN-SBA Cooperation: Simplifying Business Ownership Reporting for Small Businesses

This new act aims to simplify how small businesses understand and meet beneficial ownership reporting requirements. Through collaboration between government agencies, business owners will receive clear instructions and support, helping them avoid scams and ensure compliance with regulations.
Key points
Easier for Small Businesses: FinCEN and SBA will work together to provide clear information on who needs to report business ownership data.
Multilingual Support: Information will be available in English, Spanish, and other languages to ensure everyone can understand.
Scam Protection: A plan will be implemented to help businesses identify and avoid fraudulent schemes related to ownership reporting.
Meetings and Training: In-person town halls and webinars will be organized, featuring FinCEN staff to explain compliance with beneficial ownership requirements.
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Introduced
Citizen Poll
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Additional Information
Print number: 119_S_1995
Sponsor: Sen. Markey, Edward J. [D-MA]
Process start date: 2025-06-09
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

FinCEN–SBA Coordination on Beneficial Ownership Registration Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_1995.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-06-09.

What are the main provisions?

Key points include:

  • Easier for Small Businesses: FinCEN and SBA will work together to provide clear information on who needs to report business ownership data.
  • Multilingual Support: Information will be available in English, Spanish, and other languages to ensure everyone can understand.
  • Scam Protection: A plan will be implemented to help businesses identify and avoid fraudulent schemes related to ownership reporting.
  • Meetings and Training: In-person town halls and webinars will be organized, featuring FinCEN staff to explain compliance with beneficial ownership requirements.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Markey, Edward J. [D-MA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Economy Courts and Law