S T A T E O F N E W Y O R K
________________________________________________________________________
5693--A
Cal. No. 117
2023-2024 Regular Sessions
I N A S S E M B L Y
March 22, 2023
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Introduced by M. of A. L. ROSENTHAL, BURDICK, EPSTEIN -- read once and
referred to the Committee on Housing -- reported from committee,
advanced to a third reading, amended and ordered reprinted, retaining
its place on the order of third reading
AN ACT to amend the emergency tenant protection act of nineteen seven-
ty-four and the administrative code of the city of New York, in
relation to rent registration statements filed by a limited liability
company
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 12-a of section 4 of chapter 576 of the laws of
1974, constituting the emergency tenant protection act of nineteen
seventy-four, is amended by adding a new subdivision b-1 to read as
follows:
B-1. NOTWITHSTANDING ANY OTHER LAW TO THE CONTRARY, WHEN THE OWNER OF
A HOUSING ACCOMMODATION IS A LIMITED LIABILITY COMPANY AND IS REGISTER-
ING SUCH HOUSING ACCOMMODATION PURSUANT TO THIS SECTION, SUCH LIMITED
LIABILITY COMPANY SHALL BE REQUIRED TO INCLUDE IN ITS SUBMISSION TO THE
STATE DIVISION OF HOUSING AND COMMUNITY RENEWAL A LIST OF ALL BENEFICIAL
OWNERS OF SUCH LIMITED LIABILITY COMPANY AND THE PROPORTION OF EACH
OWNER'S INTEREST IN SUCH LIMITED LIABILITY COMPANY. THE REQUIREMENT SET
FORTH BY THIS SECTION SHALL BE IN ADDITION TO THE DATA REQUIRED PURSUANT
TO SUBDIVISION A OF THIS SECTION. FOR THE PURPOSES OF THIS SUBDIVISION,
"BENEFICIAL OWNER" SHALL MEAN AN INDIVIDUAL WHO, DIRECTLY OR INDIRECTLY,
THROUGH ANY CONTRACT, ARRANGEMENT, UNDERSTANDING, RELATIONSHIP OR OTHER-
WISE, OWNS ANY EQUITY INTEREST OF AN ENTITY, AND/OR HAS A LEVEL OF
CONTROL OVER THE FUNDS OR ASSETS OF THE ENTITY THAT, AS A PRACTICAL
MATTER, ENABLES THE INDIVIDUAL, DIRECTLY OR INDIRECTLY, TO CONTROL,
MANAGE OR DIRECT THE ENTITY AND THE USE OF ITS FUNDS AND ASSETS OR ANY
PART THEREOF.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09857-04-3
A. 5693--A 2
§ 2. Section 26-517 of the administrative code of the city of New York
is amended by adding a new subdivision b-1 to read as follows:
B-1. NOTWITHSTANDING ANY OTHER LAW TO THE CONTRARY, WHEN THE OWNER OF
A HOUSING ACCOMMODATION IS A LIMITED LIABILITY COMPANY AND IS REGISTER-
ING SUCH HOUSING ACCOMMODATION PURSUANT TO THIS SECTION, SUCH LIMITED
LIABILITY COMPANY SHALL BE REQUIRED TO INCLUDE IN ITS SUBMISSION TO THE
STATE DIVISION OF HOUSING AND COMMUNITY RENEWAL A LIST OF ALL BENEFICIAL
OWNERS OF THE MEMBERSHIP INTERESTS OF SUCH LIMITED LIABILITY COMPANY AND
THE PROPORTION OF EACH DIRECT OR INDIRECT MEMBER'S OWNERSHIP INTEREST IN
SUCH LIMITED LIABILITY COMPANY. THE REQUIREMENT SET FORTH BY THIS
SECTION SHALL BE IN ADDITION TO THE DATA REQUIRED PURSUANT TO SUBDIVI-
SION A OF THIS SECTION. FOR THE PURPOSES OF THIS SUBDIVISION, "BENEFI-
CIAL OWNER" SHALL MEAN AN INDIVIDUAL WHO, DIRECTLY OR INDIRECTLY,
THROUGH ANY CONTRACT, ARRANGEMENT, UNDERSTANDING, RELATIONSHIP OR OTHER-
WISE, OWNS ANY EQUITY INTEREST OF AN ENTITY, AND/OR HAS A LEVEL OF
CONTROL OVER THE FUNDS OR ASSETS OF THE ENTITY THAT, AS A PRACTICAL
MATTER, ENABLES THE INDIVIDUAL, DIRECTLY OR INDIRECTLY, TO CONTROL,
MANAGE OR DIRECT THE ENTITY AND THE USE OF ITS FUNDS AND ASSETS OR ANY
PART THEREOF.
§ 3. This act shall take effect immediately; provided, however, that
the amendments to section 26-517 of chapter 4 of title 26 of the admin-
istrative code of the city of New York made by section two of this act
shall expire on the same date as such law expires and shall not affect
the expiration of such law as provided under section 26-520 of such law.