New York Assembly Bill A01506 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 1506 2025-2026 Regular Sessions  IN ASSEMBLY January 10, 2025 ___________ Introduced by M. of A. ROSENTHAL, BURDICK, EPSTEIN, SEAWRIGHT -- read once and referred to the Committee on Housing 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: 1 Section 1. Section 12-a of section 4 of chapter 576 of the laws of 2 1974, constituting the emergency tenant protection act of nineteen 3 seventy-four, is amended by adding a new subdivision b-1 to read as 4 follows: 5 b-1. Notwithstanding any other law to the contrary, when the owner of 6 a housing accommodation is a limited liability company and is register- 7 ing such housing accommodation pursuant to this section, such limited 8 liability company shall be required to include in its submission to the 9 state division of housing and community renewal a list of all beneficial 10 owners of such limited liability company and the proportion of each 11 owner's interest in such limited liability company. The requirement set 12 forth by this section shall be in addition to the data required pursuant 13 to subdivision a of this section. For the purposes of this subdivision, 14 "beneficial owner" shall mean an individual who, directly or indirectly, 15 through any contract, arrangement, understanding, relationship or other- 16 wise, owns any equity interest of an entity, and/or has a level of 17 control over the funds or assets of the entity that, as a practical 18 matter, enables the individual, directly or indirectly, to control, 19 manage or direct the entity and the use of its funds and assets or any 20 part thereof. 21 § 2. Section 26-517 of the administrative code of the city of New York 22 is amended by adding a new subdivision b-1 to read as follows: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00251-01-5 
 A. 1506 2 1 b-1. Notwithstanding any other law to the contrary, when the owner of 2 a housing accommodation is a limited liability company and is register- 3 ing such housing accommodation pursuant to this section, such limited 4 liability company shall be required to include in its submission to the 5 state division of housing and community renewal a list of all beneficial 6 owners of the membership interests of such limited liability company and 7 the proportion of each direct or indirect member's ownership interest in 8 such limited liability company. The requirement set forth by this 9 section shall be in addition to the data required pursuant to subdivi- 10 sion a of this section. For the purposes of this subdivision, "benefi- 11 cial owner" shall mean an individual who, directly or indirectly, 12 through any contract, arrangement, understanding, relationship or other- 13 wise, owns any equity interest of an entity, and/or has a level of 14 control over the funds or assets of the entity that, as a practical 15 matter, enables the individual, directly or indirectly, to control, 16 manage or direct the entity and the use of its funds and assets or any 17 part thereof. 18 § 3. This act shall take effect immediately; provided, however, that 19 the amendments to section 26-517 of chapter 4 of title 26 of the admin- 20 istrative code of the city of New York made by section two of this act 21 shall expire on the same date as such law expires and shall not affect 22 the expiration of such law as provided under section 26-520 of such law.