New York A 7296: Designates a portion of the state highway system as the "SSgt Louis Bonacasa Memorial Bridge"

Bill Text

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A07296 Summary:

BILL NOA07296 

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SAME ASNo Same As

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SPONSORTapia

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COSPNSR

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MLTSPNSR

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Add §1101-a, Lim Lil L; add §295-a, RP L

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Relates to the number of residential properties limited liability companies can own; requires beneficial owners of limited liability companies identify themselves when transferring or purchasing real property.

Go to top A07296 Actions:

BILL NOA07296 

&nbsp

03/25/2025referred to corporations, authorities and commissions

01/07/2026referred to corporations, authorities and commissions

Go to topA07296 Committee&nbspVotes:

Go to topA07296 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07296 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7296

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 25, 2025
 ___________

 Introduced by M. of A. TAPIA -- read once and referred to the Committee
 on Corporations, Authorities and Commissions

 AN ACT to amend the limited liability company law and the real property
 law, in relation to limiting the number of residential real properties
 beneficial owners of limited liability companies can own

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The limited liability company law is amended by adding a
 2 new section 1101-a to read as follows:
 3 § 1101-a. Limitations on beneficial ownership of residential proper-
 4 ty-holding limited liability companies. 1. Definitions. For the purposes
 5 of this section, the following terms shall have the following meanings:
 6 (a) "Beneficial owner" shall have the same meaning as such term is
 7 defined in 31 U.S.C. § 5336(a)(3).
 8 (b) "Covered limited liability company" shall mean any limited liabil-
 9 ity company that holds title to one or more parcels of residential real
 10 property located within the state of New York.
 11 2. Ownership limitation. No individual shall be a beneficial owner of
 12 more than three covered limited liability companies that own residential
 13 real property located within the state of New York.
 14 3. Prohibited transactions. No covered limited liability company shall
 15 acquire title to residential real property if such acquisition would
 16 result in any beneficial owner being associated with more than three
 17 covered limited liability companies.
 18 4. Mandatory disclosure. (a) Upon the filing of articles of organiza-
 19 tion for any covered limited liability company that intends to acquire
 20 residential real property, the applicant shall disclose the name(s) and
 21 identifying information of all beneficial owners to the department of
 22 state.
 23 (b) Any covered limited liability company transferring title to or
 24 acquiring residential real property shall include a beneficial owner's

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11236-01-5

 A. 7296 2

 1 affidavit as part of the deed recording process with the county clerk
 2 and submit the same to the department of state.
 3 5. Penalties. (a) The attorney general shall have the authority to
 4 bring a civil action to enjoin or reverse any transaction that violates
 5 the provisions of this section, and to seek disgorgement of unlawfully
 6 held property.
 7 (b) Any individual who knowingly violates subdivision two of this
 8 section shall be subject to a civil penalty not to exceed twenty-five
 9 thousand dollars per each violation.
 10 (c) Any individual who knowingly files a false disclosure in violation
 11 of subdivision four of this section shall be guilty of a misdemeanor,
 12 punishable by a fine levied by the department of state not to exceed ten
 13 thousand dollars for each false filing.
 14 6. Regulations. The secretary of state is authorized to promulgate
 15 rules and regulations necessary to implement the provisions of this
 16 section, including but not limited to, defining reporting standards,
 17 creating a form affidavit for beneficial owners, compliance processes,
 18 and enforcement mechanisms.
 19 § 2. The real property law is amended by adding a new section 295-a to
 20 read as follows:
 21 § 295-a. Beneficial ownership disclosure in residential real property
 22 tran