Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 13, 2022 |
referred to governmental operations |
Assembly Bill A10379
2021-2022 Legislative Session
Sponsored By
GALLAGHER
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
Actions
2021-A10379 (ACTIVE) - Details
- Current Committee:
- Assembly Governmental Operations
- Law Section:
- Executive Law
- Laws Affected:
- Add §100-b, Exec L
2021-A10379 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10379 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 Governmental Operations AN ACT to amend the executive law, in relation to requiring the secre- tary of state to establish a database of beneficial owners of corpo- rations and certain other business entities THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The executive law is amended by adding a new section 100-b to read as follows: § 100-B. CORPORATION AND BUSINESS ENTITY DATABASE; INFORMATION ON BENEFICIAL OWNERS. 1. THE SECRETARY OF STATE SHALL ASSIGN EACH BENEFI- CIAL OWNER OF A LIMITED LIABILITY COMPANY AN ANONYMIZED UNIQUE IDENTIFY- ING NUMBER AND PUBLISH SUCH NUMBER IN RELATION TO ANY AFFILIATED COMPA- NIES, IN ADDITION TO SUCH BENEFICIAL OWNER'S NAME, YEAR OF BIRTH, AND BUSINESS ADDRESS, IN THE CORPORATION AND BUSINESS ENTITY DATABASE OR ANY SUBSEQUENT DATABASE WHICH IS MAINTAINED BY THE DIVISION OF CORPORATIONS WITHIN THE DEPARTMENT OF STATE. DATA, INCLUDING THE NAME, YEAR OF BIRTH, BUSINESS ADDRESS, AND UNIQUE IDENTIFYING NUMBER OF EVERY BENEFI- CIAL OWNER OF EVERY LIMITED LIABILITY COMPANY REGISTERED TO TRANSACT BUSINESS IN NEW YORK STATE, SHALL BE PUBLISHED ONLINE IN A DOWNLOADABLE SPREADSHEET FORMAT AT LEAST ONCE ANNUALLY. THE IDENTIFICATION AND PUBLICATION OF THE NAMES, YEARS OF BIRTH, AND BUSINESS ADDRESSES OF BENEFICIAL OWNERS SHALL NOT BE DEEMED AN UNWARRANTED INVASION OF PERSONAL PRIVACY PURSUANT TO ARTICLE SIX OF THE PUBLIC OFFICERS LAW. THE DEPARTMENT SHALL ALSO ESTABLISH, THROUGH REGULATIONS, PROCEDURES TO ALLOW BENEFICIAL OWNERS WITH SIGNIFICANT PRIVACY INTERESTS TO APPLY FOR A WAIVER TO WITHHOLD THEIR NAMES, YEARS OF BIRTH AND BUSINESS ADDRESSES FROM PUBLIC DISCLOSURE PURSUANT TO THIS OR ANY OTHER LAW. THE ISSUANCE OF A WAIVER SHALL BE UPON GOOD CAUSE SHOWN AND IN THE PUBLIC INTEREST, AND THE DEPARTMENT SHALL DETERMINE THAT THE RECIPIENT DEMONSTRATES MINI- MAL RISK OF MONEY LAUNDERING, TAX EVASION, OR OTHER FINANCIAL CRIME; PROVIDED, HOWEVER, THAT A NATURAL PERSON PARTICIPATING IN AN ADDRESS CONFIDENTIALITY PROGRAM OR WHO IS THE SOLE MEMBER OF A LIMITED LIABILITY COMPANY ACTING AS A RELATOR IN A QUI TAM ACTION FILED PURSUANT TO EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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