BILL NUMBER: S8059
SPONSOR: HOYLMAN-SIGAL
 
TITLE OF BILL:
An act to amend the limited liability company law, in relation to the
disclosure of beneficial owners of limited liability companies; to amend
a chapter of the laws of 2023 amending the limited liability company law
and the executive law relating to the disclosure of beneficial owners of
limited liability companies, as proposed in legislative bills numbers S.
995-B and A. 3484-A, in relation to the effectiveness thereof; and to
repeal provisions of the limited liability company law and the executive
law, in relation thereto
 
PURPOSE:
This is a chapter amendment that makes changes to provisions of L.2023,
c.772, to clarify the specifics of the statement disclosing of benefi-
cial owners of limited liability companies
 
SUMMARY OF PROVISIONS:
This legislation makes technical changes, adds details to process by
which the department of state can receive, compile and share information
relating to beneficial owners of limited liability companies, and chang-
es the effective date of the underlying chapter.
 
JUSTIFICATION:
This legislation is a negotiated change to the underlying chapter.
 
LEGISLATIVE HISTORY:
Chapter Amendment to Chapter 7772 of the Laws of 2023. S.995B and
A.3484A both passed the Senate and Assembly in June 2023.
 
FISCAL IMPLICATIONS:
None
 
EFFECTIVE DATE:
This act shall take effect immediately; provided, however, sections one,
two, three, four, five, six, seven, eight, and nine of this act shall
take effect on the same date and in the same manner as a chapter of the
laws of 2023 amending the limited liability company law and the execu-
tive law relating to the disclosure of beneficial owners of limited
liability companies, as proposed in legislative bills numbers S.995-B
and A. 3484-A, takes effect.