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Bills
House Bill 477
115th Congress(2017-2018)
Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017
Active
Amendments
Active
Passed House on Dec 7, 2017
Overview
Text
Introduced
Jan 12, 2017
Latest Action
Dec 11, 2017
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
477
Congress
115
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Republican
Bill Huizenga
Michigan
Democrat
Zoe Lofgren
California
Republican
Bill Posey
Florida
Republican
Dennis Ross
Florida
Republican
David Young
Iowa
Democrat
Brian Higgins
New York
Republican
Ted Budd
North Carolina
Republican
Dave Joyce
Ohio
Republican
Frank Lucas
Oklahoma
Republican
Kevin Brady
Texas
Republican
Pete Sessions
Texas
House Votes (1)
Senate Votes (0)
checkPassed on December 7, 2017
Question
On Passage
Status
Passed
Type
Roll Call Vote
Roll Call Vote
A vote that records the individual position of each Member who voted. Such votes occurring on the House floor (by the "yeas and nays" or by "recorded vote") are taken by electronic device. The Senate has no electronic voting system; in such votes, Senators answer "yea" or "nay" as the clerk calls each name aloud. Each vote is compiled by clerks and receives a roll call number (referenced in Congress.gov as a "Record Vote" [Senate] or "Roll no." [House]).
Roll Call Type
Yea-And-Nay
Roll Number
669
House Roll Call Votes
Summary

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

This bill amends the Securities Exchange Act of 1934 to generally exempt certain merger-and-acquisition brokers from that Act's registration requirements. This exemption shall not apply, however, to brokers that: (1) receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer of a privately held company that meets specified conditions; (2) engage on behalf of an issuer in a public offering of registered securities; (3) engage on behalf of any party in a transaction involving a public shell company; or (4) are subject to suspension or revocation of registration or to other specified disqualifications.

Text (4)
Referred in Senate
December 11, 2017
Engrossed in House
December 7, 2017
Reported in House
November 30, 2017
Introduced in House
January 12, 2017
Amendments (2)
Dec 07, 2017
Agreed to in House
1
Sponsorship
House Amendment 495
An amendment numbered 1 printed in Part A of House Report 115-443 to make several changes that provide additional protections for investors and small businesses. Specifically the amendment includes provisions that would prohibit passive buyers in the M&A transaction, prohibit M&A brokers from binding a party to a transfer of ownership, prohibit M&A brokers from providing financing for the transfer, and require M&A brokers that represent both the buyer and seller to disclose that to both parties and receive written consent.
Agreed To
Dec 07, 2017
Offered in House
0
Sponsorship
House Amendment 494
Pursuant to the provisions of H.Res. 647 the amendment in the nature of a substitute consisting of the text of Rules Committee Print 115-43 is considered as adopted.
Submitted
Related Bills (5)
Sep 27, 2018
Introduced in Senate
2
Sponsorship
Senate Bill 3518
Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018
Introduced
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
Aug 01, 2018
Passed Senate
1
Sponsorship
House Bill 6147
Interior, Environment, Financial Services and General Government, Agriculture, Rural Development, Food and Drug Administration, and Transportation, Housing and Urban Development Appropriations Act, 2019
Active
Amendments
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
Jul 17, 2018
Passed House
3
Sponsorship
Senate Bill 488
JOBS and Investor Confidence Act of 2018
Active
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
Dec 07, 2017
Passed House
1
Sponsorship
House Simple Resolution 647
Providing for consideration of the bill (H.R. 477) to amend the Securities Exchange Act of 1934 to exempt from registration brokers performing services in connection with the transfer of ownership of smaller privately held companies; providing for consideration of the bill (H.R. 3971) to amend the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974 to modify the requirements for community financial institutions with respect to certain rules relating to mortgage loans, and for other purposes; and providing for consideration of the joint resolution (H.J. Res. 123) making further continuing appropriations for fiscal year 2018, and for other purposes.
Active
Type
Procedurally-Related Measure
Procedurally-Related Measure
Legislation that affects consideration of other legislation (e.g., a rule for consideration, a bill ordered to be reported or passed in lieu of another measure). Identical bills, companion measures, and legislation with text similarities are other related bill types.
Identified By
House
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
House
Jun 08, 2017
Passed House
41
Sponsorship
House Bill 10
Financial CHOICE Act of 2017
Active
Amendments
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
Actions (18)
12/11/2017
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
12/07/2017
Motion to reconsider laid on the table Agreed to without objection.
12/07/2017
On passage Passed by the Yeas and Nays: 426 - 0 (Roll no. 669).
12/07/2017
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 426 - 0 (Roll no. 669).
12/07/2017
Considered as unfinished business. (consideration: CR H9742-9743)
12/07/2017
POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 477, the Chair put the question on passage of the bill, and announced by voice vote that the ayes had prevailed. Mr. Hensarling demanded the yeas and nays, and the Chair postponed further proceedings on the question of passage until later in the legislative day.
12/07/2017
DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1.
12/07/2017
DEBATE - The House proceeded with one hour of debate on H.R. 477.
12/07/2017
Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion
12/07/2017
Considered under the provisions of rule H. Res. 647. (consideration: CR H9739-9742; text of amendment in the nature of a substitute: CR H9739-9740)
12/06/2017
Rules Committee Resolution H. Res. 647 Reported to House. Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion
11/30/2017
Placed on the Union Calendar, Calendar No. 318.
11/30/2017
Reported by the Committee on Financial Services. H. Rept. 115-431.
10/12/2017
Ordered to be Reported by the Yeas and Nays: 37 - 23.
10/12/2017
Committee Consideration and Mark-up Session Held.
10/11/2017
Committee Consideration and Mark-up Session Held.
01/12/2017
Referred to the House Committee on Financial Services.
01/12/2017
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:34:25 PM
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