Requires that any limited liability company who is the grantor or grantee in the conveyance of real property provide a document to be accompanied with the filing of a deed which identifies the names and business addresses of all members, managers, and any other authorized persons of such limited liability company.
Requires certain joint tax returns pertaining to residential real estate cash purchases by limited liability companies to be accompanied by a document which identifies the source or sources of funds used for the purchase, including the type of funding used, the bank account information of any funds used in the purchase and the amount used by each source of funds.
Authorizes certain penalties to be assessed against members of a limited liability company and partners of a limited liability partnership or partnership.