New York S 119: Relates to rent registration statements filed by a limited liability company

Bill Text

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S00119 Summary:

BILL NOS00119 

&nbsp

SAME ASSAME AS A01506

&nbsp

SPONSORCLEARE

&nbsp

COSPNSRJACKSON, SEPULVEDA

&nbsp

MLTSPNSR

&nbsp

Amd §12-a, Emerg Ten Prot Act of 1974; amd §26-517, NYC Ad Cd

&nbsp

Requires that any limited liability company who files a rent registration statement shall include a list of all members of such limited liability company and each member's ownership interest.

Go to top S00119 Actions:

BILL NOS00119 

&nbsp

01/08/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

01/27/20251ST REPORT CAL.165

01/28/20252ND REPORT CAL.

02/03/2025ADVANCED TO THIRD READING 

05/28/2025PASSED SENATE

05/28/2025DELIVERED TO ASSEMBLY

05/28/2025referred to codes

01/07/2026died in assembly

01/07/2026returned to senate

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

01/27/20261ST REPORT CAL.159

01/28/20262ND REPORT CAL.

01/29/2026ADVANCED TO THIRD READING 

03/18/2026PASSED SENATE

03/18/2026DELIVERED TO ASSEMBLY

03/18/2026referred to codes

Go to topS00119 Committee&nbspVotes:

Go to topS00119 Floor&nbspVotes:

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

Go to topS00119 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 119

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sens. CLEARE, JACKSON, SEPULVEDA -- read twice and ordered
 printed, and when printed to be committed to the Committee on Housing,
 Construction and Community Development

 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.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00251-01-5

 S. 119 2

 1 § 2. Section 26-517 of the administrative code of the city of New York
 2 is amended by adding a new subdivision b-1 to read as follows:
 3 b-1. Notwithstanding any other law to the contrary, when the owner of
 4 a housing accommodation is a limited liability company and is register-
 5 ing such housing accommodation pursuant to this section, such limited
 6 liability company shall be required to include in its submission to the
 7 state division of housing and community renewal a list of all beneficial
 8 owners of the membership interests of such limited liability company and
 9 the proportion of each direct or indirect member's ownership interest in
 10 such limited liability company. The requirement set forth by this
 11 section shall be in addition to the data required pursuant to subdivi-
 12 sion a of this section. For the purposes of this subdivision, "benefi-
 13 cial owner" shall mean an individual who, directly or indirectly,
 14 through any cont