S. 3518: Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018

115th Congress · introduced 2018-09-27 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2018-09-27 · official record
Who proposed it: Sen. Peters, Gary C. [D-MI] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018

Plain summary

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018 This bill amends the Securities Exchange Act of 1934 to exempt from that Act's registration requirements merger-and-acquisition brokers that facilitate transfer of ownership in privately held companies with earnings or revenues under a specified threshold. This exemption shall not apply, however, to brokers that: receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer; engage on behalf of an issuer in a public offering of registered securities; engage on behalf of any party in a transaction involving specified shell companies; provide financing related to the transfer of ownership; assist any party to obtain financing from a third party in specified circumstances; represent both buyer and seller without disclosure and consent from both parties; facilitate a transaction with a group of buyers formed with the assistance of the broker; engage in transferring ownership to a passive buyer; bind a party to a transfer of ownership; or are subject to suspension or revocation of registration or to other specified disqualifications.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Peters, Gary C. [D-MI] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

John Kennedy (R-LA)

Sponsor's campaign money: Sen. Peters, Gary C. [D-MI] reported raising $303,094 (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Exemption: A rule that removes certain people, property or activities from a tax or requirement.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-115s3518.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/115/s>

Record fed-us-cong115-s3518 · catalog fed-us-congress-bills-cong115 · updated 2026-11-15 by psicol fed-bills-cong115