Legislation

* § 1428. Large frontier developer disclosure. 1. Except as otherwise
provided in this section, no large frontier developer may develop,
deploy, or operate a frontier model, in whole or in part in New York
state, without having a current disclosure statement filed with the
office and paying the required share.

2. The disclosure statement shall be filed in the form and the manner
prescribed by the office and shall contain all the information required
by the office. It shall be renewed every two years, whenever ownership
of the frontier model is transferred or whenever there is a material
change to the information reported in the previously filed disclosure
statement, whichever occurs earlier.

3. Such disclosure statement shall identify:

(a) the identity of the large frontier developer and all names under
which such large frontier developer conducts business;

(b) the address of the principal place of business and the address of
each office it maintains in New York state;

(c) in the event such large frontier developer or the ultimate parent
of such large frontier developer is a privately or closely held company,
a list of all persons or entities that beneficially own a five percent
or greater interest in such large frontier developer at the time of the
filing of the disclosure statement and a list of persons who formerly
beneficially owned a five percent or greater interest in such owner or
its predecessors in the preceding five years. In the event such owner or
the ultimate parent is a publicly traded company, such owner shall file
a list of all persons or entities that beneficially own a fifty percent
or greater interest in the large frontier developer at the time of
registration; and

(d) the name and contact information of a point of contact, secondary
contact, and tertiary contact for such large frontier developer. Such
point of contact shall be responsible for receiving inquiries relating
to this article from the office or other governmental entities.

4. Large frontier developers shall be assessed in pro rata shares by
the department to defray the operating expenses, including all direct
and indirect costs, of administering the obligations imposed by this
article.

5. If any person develops, deploys, or operates a large frontier model
in part in New York state without a current disclosure filed with the
office as required by this section, submits false information in its
disclosure or fails to timely pay any assessment required by this
article, in addition to any other penalty or liability that may be
imposed under this article, the office may, after notice and hearing,
levy civil penalties, fees, and costs as follows:

(a) a civil penalty of one thousand dollars for each day the entity
fails to file a disclosure as required by this section or fails to
correct false information; and

(b) an amount equal to the assessments owed.

6. The office shall maintain and publish a list of large frontier
developers who have filed disclosure statements, however such
publication shall not include the contact information set forth in
paragraph (d) of subdivision three of this section.

* NB Effective January 1, 2027