b'lendersandbankinginstitutionsmayalsoberequiredtocollectthis informationand they will be asking you for it.Thefinalrule,calledBeneficialOwnershipInformationReporting Requirements (BOI) was published in the Federal Register on September 30, 2022. To read the final rule (which is 184 pages long), go to our Book Bonus page:https://RaiseCapitalForRealEstate.com/BookBonus Purpose AccordingtoFinCen,"Therulewillhelptostopcriminalactors, includingoligarchs,kleptocrats,drugtraffickers,humantraffickers,and thosewhowoulduseanonymousshellcompaniestohidetheirillicit proceeds." This information will help protect U.S. national security and the U.S. financial system from illicit use and provide essential information to national security, intelligence, and law enforcement agencies.There are 23 exemptions to the rule, none of which appear to apply to real estate syndicates, small businesses or blind pool funds, so an issuer should expect that the rule will apply to all of your real estate syndicates or funds and each of their related entities.When Reports Must be Filed The effective date of the rule is January 1, 2024. Every entity an issuer owns or controls prior to the effective date will have one year to file an initial report. Entities formed after the effective date will have 30 days after formation to file their initial report, and any changes in membership must 281'