Bill Text: NY S04592 | 2021-2022 | General Assembly | Introduced
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
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. LBD08706-01-1S. 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.
