Bill Text: NY S04592 | 2021-2022 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO JUDICIARY [S04592 Detail]

Download: New_York-2021-S04592-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4592

                               2021-2022 Regular Sessions

                    IN SENATE

                                    February 5, 2021
                                       ___________

        Introduced  by  Sen.  MAYER  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Judiciary

        AN ACT to amend the real property law and the administrative code of the
          city of New York, in relation to conveyances of certain real  property
          involving limited liability companies

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

     1    Section 1. Section 333 of the real property law is amended by adding a
     2  new subdivision 1-g to read as follows:
     3    1-g. A recording officer shall not record or accept for recording  any
     4  conveyance  of  real  property  containing  one- to four-family dwelling
     5  units when the grantor or grantee of the deed  is  a  limited  liability
     6  company,  unless  it  is  accompanied by a document which identifies the
     7  names and business addresses of all members,  managers,  and  any  other
     8  authorized  persons,  if  any, of such limited liability company and the
     9  names and business addresses or, if none, the business addresses of  all
    10  shareholders, directors, officers, members, managers and partners of any
    11  limited  liability  company  or other business entity that are to be the
    12  members, managers or authorized persons, if any, of such limited liabil-
    13  ity company. The identification of such names and addresses shall not be
    14  deemed an unwarranted invasion of personal privacy pursuant  to  article
    15  six  of  the public officers law. If any such member, manager or author-
    16  ized person of the limited liability company is itself a limited liabil-
    17  ity company or other business entity, the names  and  addresses  of  the
    18  shareholders, directors, officers, members, managers and partners of the
    19  limited  liability  company  or  other  business  entity  shall  also be
    20  disclosed until full disclosure of ultimate ownership by natural persons
    21  is achieved. For purposes of  this  subdivision,  the  terms  "members",
    22  "managers",  "authorized person", "limited liability company" and "other
    23  business entity" shall have the same meaning as those terms are  defined
    24  in section one hundred two of the limited liability company law.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08706-01-1
        S. 4592                             2

     1    §  2.  The  administrative  code of the city of New York is amended by
     2  adding a new section 7-609 to read as follows:
     3    § 7-609 Real property deed transfer involving limited liability compa-
     4  nies. The office of the register of the city of New York or county clerk
     5  shall not record or accept for recording any conveyance of real property
     6  containing  one- to four-family dwelling units when the grantor or gran-
     7  tee of the deed is a limited liability company, unless it is accompanied
     8  by a document which identifies the names and business addresses  of  all
     9  members,  managers,  and  any  other authorized persons, if any, of such
    10  limited liability company and the names and business  addresses  or,  if
    11  none,  the  business addresses of all shareholders, directors, officers,
    12  members, managers and partners of any limited liability company or other
    13  business entity that are to  be  the  members,  managers  or  authorized
    14  persons,  if  any, of such limited liability company. The identification
    15  of such names and addresses shall not be deemed an unwarranted  invasion
    16  of  personal privacy pursuant to article six of the public officers law.
    17  If any such member, manager or authorized person of the limited  liabil-
    18  ity  company  is  itself  a  limited liability company or other business
    19  entity, the names and addresses of the  shareholders,  directors,  offi-
    20  cers, members, managers and partners of the limited liability company or
    21  other  business  entity shall also be disclosed until full disclosure of
    22  ultimate ownership by natural persons is achieved. For purposes of  this
    23  section,  the terms "members", "managers", "authorized person", "limited
    24  liability company" and "other business entity" shall have the same mean-
    25  ing as those terms are defined in section one hundred two of the limited
    26  liability company law.
    27    § 3. This act shall take effect immediately.