Assembly Bill A10354

2021-2022 Legislative Session

Relates to liability for providing false or fraudulent information pertaining to beneficial owners of limited liability companies

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-A10354 (ACTIVE) - Details

Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Limited Liability Company Law
Laws Affected:
Amd §§215 & 810 Lim Lil L

2021-A10354 (ACTIVE) - Summary

Relates to liability for providing false or fraudulent information pertaining to beneficial owners of limited liability companies.

2021-A10354 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10354
 
                           I N  A S S E M B L Y
 
                               May 13, 2022
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Gallagher)
   -- read once and referred to the Committee on  Corporations,  Authori-
   ties and Commissions
 
 AN  ACT  to  amend  the  limited  liability  company law, in relation to
   liability for providing false or fraudulent information pertaining  to
   beneficial owners of limited liability companies

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 215 of the limited liability company law, as  added
 by  a chapter of the laws of 2022 amending the limited liability company
 law relating to the disclosure of beneficial owners of limited liability
 companies, as proposed in legislative bills numbers  S.  8439-A  and  A.
 9415-B, is amended by adding a new subdivision (d) to read as follows:
   (D) ANY PERSON WHO: (1) KNOWINGLY PROVIDES FALSE OR FRAUDULENT BENEFI-
 CIAL  OWNERSHIP  INFORMATION; OR (2) WILLFULLY FAILS TO PROVIDE COMPLETE
 OR UPDATED INFORMATION SHALL BE GUILTY OF A MISDEMEANOR  AND  LIABLE  TO
 THE  STATE FOR A CIVIL PENALTY OF NOT MORE THAN TEN THOUSAND DOLLARS AND
 SHALL BE PROHIBITED FROM ORGANIZING, FORMING, REGISTERING,  OR  MANAGING
 ANY  LIMITED  LIABILITY  COMPANY OR PARTNERSHIP IN THE STATE OF NEW YORK
 FOR A PERIOD NOT LESS THAN ONE YEAR OR GREATER THAN  FIVE  YEARS.    THE
 DEPARTMENT OF STATE MAY WITHDRAW OR PROHIBIT THE AUTHORITY OF SUCH ENTI-
 TY TO DO BUSINESS WITHIN THE STATE FOR AT LEAST TWO YEARS.
   §  2.  Section 810 of the limited liability company law, as added by a
 chapter of the laws of 2022 amending the limited liability  company  law
 relating  to  the  disclosure  of beneficial owners of limited liability
 companies, as proposed in legislative bills numbers  S.  8439-A  and  A.
 9415-B, is amended by adding a new subdivision (d) to read as follows:
   (D) ANY PERSON WHO: (1) KNOWINGLY PROVIDES FALSE OR FRAUDULENT BENEFI-
 CIAL OWNERSHIP INFORMATION OR (2) WILLFULLY FAILS TO PROVIDE COMPLETE OR
 UPDATED  INFORMATION  SHALL BE GUILTY OF A MISDEMEANOR AND LIABLE TO THE
 STATE FOR A CIVIL PENALTY OF NOT MORE  THAN  TEN  THOUSAND  DOLLARS  AND
 SHALL  BE  PROHIBITED FROM ORGANIZING, FORMING, REGISTERING, OR MANAGING
 ANY LIMITED LIABILITY COMPANY OR PARTNERSHIP IN THE STATE  OF  NEW  YORK
 FOR  A  PERIOD  NOT  LESS THAN ONE YEAR OR GREATER THAN FIVE YEARS.  THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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