S T A T E O F N E W Y O R K
________________________________________________________________________
8544
I N A S S E M B L Y
January 8, 2024
___________
Introduced by M. of A. GALLAGHER -- read once and referred to the
Committee on Corporations, Authorities and Commissions
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 bene-
ficial owners of limited liability companies, as proposed in legisla-
tive bills numbers S. 995-B and A. 3484-A, in relation to the effec-
tiveness thereof; and to repeal provisions of the limited liability
company law and the executive law, in relation thereto
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The limited liability company law is amended by adding
three new sections 1106, 1107 and 1108 to read as follows:
§ 1106. DEFINITIONS. FOR THE PURPOSES OF THIS SECTION AND SECTIONS
ELEVEN HUNDRED SEVEN AND ELEVEN HUNDRED EIGHT OF THIS ARTICLE:
(A) "BENEFICIAL OWNER" SHALL HAVE THE SAME MEANING AS DEFINED IN 31
U.S.C. § 5336(A)(3), AS AMENDED, AND ANY REGULATIONS PROMULGATED THERE-
UNDER.
(B) "REPORTING COMPANY" SHALL HAVE THE SAME MEANING AS DEFINED IN 31
U.S.C. § 5336(A)(11), AS AMENDED, AND ANY REGULATIONS PROMULGATED THERE-
UNDER, BUT SHALL ONLY INCLUDE LIMITED LIABILITY COMPANIES FORMED OR
AUTHORIZED TO DO BUSINESS IN NEW YORK STATE.
(C) "EXEMPT COMPANY" SHALL MEAN A LIMITED LIABILITY COMPANY OR FOREIGN
LIMITED LIABILITY COMPANY NOT OTHERWISE DEFINED AS A REPORTING COMPANY
THAT MEETS A CONDITION FOR EXEMPTION ENUMERATED IN 31 U.S.C. §
5336(A)(11)(B).
(D) "APPLICANT" SHALL HAVE THE SAME MEANING AS DEFINED IN 31 U.S.C. §
5336(A)(2), AS AMENDED, AND ANY REGULATIONS PROMULGATED THEREUNDER, BUT
SHALL ONLY INCLUDE THOSE RELATING TO LIMITED LIABILITY COMPANIES.
§ 1107. BENEFICIAL OWNERSHIP DISCLOSURE. (A) ALL REPORTING COMPANIES
SHALL FILE WITH THE DEPARTMENT OF STATE A BENEFICIAL OWNERSHIP DISCLO-
SURE IN SUCH FORM AND MANNER AS DIRECTED BY THE DEPARTMENT OF STATE,
IDENTIFYING EACH BENEFICIAL OWNER OF THE REPORTING COMPANY AND EACH
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00252-10-4
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APPLICANT WITH RESPECT TO THAT REPORTING COMPANY, BY: (1) FULL LEGAL
NAME; (2) DATE OF BIRTH; (3) CURRENT HOME OR BUSINESS STREET ADDRESS;
AND (4) A UNIQUE IDENTIFYING NUMBER FROM: (I) AN UNEXPIRED PASSPORT;
(II) AN UNEXPIRED STATE DRIVER'S LICENSE; OR (III) AN UNEXPIRED IDEN-
TIFICATION CARD OR DOCUMENT ISSUED BY A STATE OR LOCAL GOVERNMENT AGENCY
OR TRIBAL AUTHORITY FOR THE PURPOSE OF IDENTIFICATION OF THAT INDIVID-
UAL.
(B) ALL EXEMPT COMPANIES SHALL ELECTRONICALLY FILE, UNDER PENALTY OF
PERJURY, AN ATTESTATION OF EXEMPTION IN SUCH FORM DESIGNATED BY THE
DEPARTMENT OF STATE, WHICH STATEMENT SHALL INCLUDE THE SPECIFIC
EXEMPTION CLAIMED AND THE FACTS ON WHICH SUCH EXEMPTION IS BASED. ANY
COMPANY FILING AN EXEMPTION PURSUANT TO THIS SUBDIVISION SHALL BE
SUBJECT TO THE ANNUAL STATEMENT REQUIREMENT AS STATED IN SUBDIVISION (G)
OF THIS SECTION IN THE FORM PRESCRIBED BY THE DEPARTMENT, WHICH STATE-
MENT SHALL BE ATTESTED TO UNDER PENALTY OF PERJURY.
(C) ALL BENEFICIAL OWNERSHIP DISCLOSURES, ATTESTATIONS OF EXEMPTION,
AND FILING FEES SHALL BE SUBMITTED ELECTRONICALLY AS PRESCRIBED BY THE
DEPARTMENT OF STATE. THE BENEFICIAL OWNERSHIP DISCLOSURE OR ATTESTATION
OF EXEMPTION SHALL BE SIGNED ELECTRONICALLY CONSISTENT WITH THE
PROVISIONS OF ARTICLE THREE OF THE STATE TECHNOLOGY LAW.
(D) WITHIN THIRTY DAYS OF AN INITIAL FILING OF ARTICLES OF ORGANIZA-
TION OR AN APPLICATION FOR AUTHORITY PURSUANT TO THIS CHAPTER, A REPORT-
ING COMPANY SHALL FILE WITH THE DEPARTMENT OF STATE A BENEFICIAL OWNER-
SHIP DISCLOSURE THAT COMPLIES WITH SUBDIVISION (A) OF THIS SECTION.
WITHIN THIRTY DAYS OF AN INITIAL FILING OF ARTICLES OF ORGANIZATION OR
AN APPLICATION FOR AUTHORITY PURSUANT TO THIS CHAPTER, AN EXEMPT COMPANY
SHALL FILE WITH THE DEPARTMENT OF STATE AN ATTESTATION OF EXEMPTION THAT
COMPLIES WITH SUBDIVISION (B) OF THIS SECTION.
(E) WITHIN ONE YEAR OF THE EFFECTIVE DATE OF THIS SECTION, ALL PREVI-
OUSLY FORMED OR AUTHORIZED REPORTING COMPANIES SHALL FILE WITH THE
DEPARTMENT OF STATE A BENEFICIAL OWNERSHIP DISCLOSURE THAT COMPLIES WITH
SUBDIVISION (A) OF THIS SECTION. WITHIN ONE YEAR OF THE EFFECTIVE DATE
OF THIS SECTION, ALL PREVIOUSLY FORMED OR AUTHORIZED EXEMPT COMPANIES
SHALL FILE WITH THE DEPARTMENT OF STATE AN ATTESTATION OF EXEMPTION THAT
COMPLIES WITH SUBDIVISION (B) OF THIS SECTION.
(F) ALL INFORMATION RELATING TO BENEFICIAL OWNERS WHO ARE NATURAL
PERSONS COLLECTED BY THE DEPARTMENT OF STATE IN ACCORDANCE WITH THIS
SECTION SHALL BE MAINTAINED IN A SECURE DATABASE AND SHALL BE DEEMED
CONFIDENTIAL EXCEPT: (1) PURSUANT TO THE WRITTEN REQUEST OF OR BY VOLUN-
TARY WRITTEN CONSENT OF THE BENEFICIAL OWNER; (2) BY COURT ORDER; (3) TO
OFFICERS OR EMPLOYEES OF ANOTHER FEDERAL, STATE OR LOCAL GOVERNMENT
AGENCY WHERE DISCLOSURE IS NECESSARY FOR THE AGENCY TO PERFORM ITS OFFI-
CIAL DUTIES AS REQUIRED BY STATUTE OR NECESSARY TO OPERATE A PROGRAM
SPECIFICALLY AUTHORIZED BY LAW; OR (4) FOR A VALID LAW ENFORCEMENT
PURPOSE INCLUDING AS RELEVANT TO ANY LAW ENFORCEMENT INVESTIGATION BY
THE OFFICE OF THE ATTORNEY GENERAL. ANY BENEFICIAL OWNERSHIP INFORMATION
DISCLOSED BY DEPARTMENT OF STATE SHALL NOT BE FURTHER DISCLOSED BY ANY
RECIPIENT EXCEPT AS AUTHORIZED IN LAW OR AS OTHERWISE NECESSARY TO THE
PERFORMANCE OF STATUTORY DUTIES.
(G) ONCE THE INITIAL BENEFICIAL OWNERSHIP DISCLOSURE HAS BEEN FILED,
ALL REPORTING COMPANIES SHALL ELECTRONICALLY FILE WITH THE DEPARTMENT OF
STATE AN ANNUAL STATEMENT CONFIRMING OR UPDATING: (1) THEIR BENEFICIAL
OWNERSHIP DISCLOSURE INFORMATION; (2) THE STREET ADDRESS OF ITS PRINCI-
PAL EXECUTIVE OFFICE; (3) STATUS AS EXEMPT COMPANY, IF APPLICABLE; AND
(4) SUCH OTHER INFORMATION AS MAY BE DESIGNATED BY THE DEPARTMENT OF
STATE.
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(H) THE DEPARTMENT OF STATE SHALL ESTABLISH PROVISIONS FOR SHARING
INFORMATION WITH AGENCIES PERMITTED TO ACCESS INFORMATION RELATING TO
BENEFICIAL OWNERS IN ACCORDANCE WITH SUBDIVISION (F) OF THIS SECTION.
§ 1108. VIOLATIONS AND PENALTIES. (A) (1) A REPORTING COMPANY WHICH
HAS FAILED TO FILE ITS BENEFICIAL OWNERSHIP DISCLOSURE, ATTESTATION OF
EXEMPTION, OR ANNUAL STATEMENT AS REQUIRED BY THIS ARTICLE FOR A PERIOD
EXCEEDING THIRTY DAYS SHALL BE SHOWN TO BE PAST DUE ON THE RECORDS OF
THE DEPARTMENT OF STATE.
(2) THE ATTORNEY GENERAL MAY ASSESS A FINE OF UP TO FIVE HUNDRED
DOLLARS FOR EACH DAY THE COMPANY HAS BEEN PAST DUE.
(3) IN ADDITION TO ANY ACTION BROUGHT SEEKING RELIEF UNDER PARAGRAPH
TWO OF THIS SUBDIVISION, SUCH PAST DUE STATUS SHALL BE REMOVED FROM THE
RECORDS OF THE DEPARTMENT OF STATE UPON THE FILING OF THE CURRENT STATE-
MENT REQUIRED BY SECTION 1107 OF THIS ARTICLE, THE PAYMENT OF A FINE OF
TWO HUNDRED FIFTY DOLLARS, AND VERIFICATION FROM THE ATTORNEY GENERAL
THAT ANY PENALTIES IMPOSED PURSUANT TO PARAGRAPH TWO OF THIS SUBDIVISION
HAVE BEEN PAID.
(B) (1) A REPORTING COMPANY WHICH HAS FAILED TO FILE ITS BENEFICIAL
OWNERSHIP DISCLOSURE, ATTESTATION OF EXEMPTION, OR ANNUAL STATEMENT AS
REQUIRED BY THIS SECTION FOR A PERIOD EXCEEDING TWO YEARS SHALL BE SHOWN
TO BE DELINQUENT ON THE RECORDS OF THE DEPARTMENT OF STATE.
(2) THE ATTORNEY GENERAL MAY ASSESS A FINE OF UP TO FIVE HUNDRED
DOLLARS FOR EACH DAY THE COMPANY HAS BEEN DELINQUENT.
(3) IN ADDITION TO ANY ACTION BROUGHT SEEKING RELIEF UNDER PARAGRAPH
TWO OF THIS SUBDIVISION, SUCH DELINQUENCY SHALL BE REMOVED FROM THE
RECORDS OF THE DEPARTMENT OF STATE UPON THE FILING OF THE CURRENT STATE-
MENT REQUIRED BY SECTION 1107 OF THIS ARTICLE, THE PAYMENT OF A FINE OF
TWO HUNDRED FIFTY DOLLARS, AND VERIFICATION FROM THE ATTORNEY GENERAL
THAT ANY PENALTIES IMPOSED PURSUANT TO PARAGRAPH TWO OF THIS SUBDIVISION
HAVE BEEN PAID.
(C) IT SHALL BE UNLAWFUL FOR ANY PERSON TO KNOWINGLY PROVIDE, OR
ATTEMPT TO PROVIDE, FALSE OR FRAUDULENT BENEFICIAL OWNERSHIP INFORMA-
TION, INCLUDING A FALSE OR FRAUDULENT IDENTIFYING PHOTOGRAPH OR DOCU-
MENT, TO THE DEPARTMENT OF STATE IN ACCORDANCE WITH THIS ARTICLE. A
PERSON SHALL NOT BE IN VIOLATION OF THIS SUBDIVISION IF SUCH PERSON
VOLUNTARILY AND PROMPTLY, AND IN NO CASE LATER THAN NINETY DAYS AFTER
THE DATE AFTER THE SUBMISSION OF BENEFICIAL OWNERSHIP INFORMATION,
PROVIDES THE CORRECTED INFORMATION IN THE FORM AND MANNER PRESCRIBED BY
THE DEPARTMENT OF STATE, UNLESS THE FALSE OR FRAUDULENT INFORMATION WAS
WILLFULLY SUBMITTED FOR THE PURPOSE OF EVADING THE REQUIREMENTS OF THIS
ARTICLE.
(D) IN ADDITION TO ANY EXISTING AUTHORITY, THE NEW YORK STATE ATTORNEY
GENERAL MAY INVESTIGATE ANY VIOLATION OF SUBDIVISION (C) OF THIS SECTION
AND ANY LIMITED LIABILITY COMPANY THAT FAILS TO FILE ITS BENEFICIAL
OWNERSHIP DISCLOSURE, ANNUAL STATEMENTS, OR ATTESTATION OF EXEMPTION AS
REQUIRED BY SECTION ELEVEN HUNDRED SEVEN OF THIS ARTICLE. THE DEPARTMENT
OF STATE MAY REFER, FOR AN INVESTIGATION, TO THE ATTORNEY GENERAL ANY
LIMITED LIABILITY COMPANY FOR ANY VIOLATION OF THE PROVISIONS OF THIS
ARTICLE. THE NEW YORK STATE ATTORNEY GENERAL MAY SEEK A FINE OF UP TO
FIVE HUNDRED DOLLARS FOR EACH DAY THE COMPANY HAS BEEN PAST DUE IN
FILING ITS BENEFICIAL OWNERSHIP DISCLOSURE OR ATTESTATION OF EXEMPTION.
(E) (1) THE NEW YORK STATE ATTORNEY GENERAL MAY BRING AN ACTION UNDER
THIS SECTION TO DISSOLVE OR CANCEL ANY ENTITY THAT IS DELINQUENT IN
FILING IT'S BENEFICIAL OWNERSHIP DISCLOSURE OR ATTESTATION OF EXEMPTION
OR HAS VIOLATED PROVISIONS OF SUBDIVISION (C) OF THIS SECTION. IF IN THE
COURT'S DISCRETION IT SHALL APPEAR THAT THE LIMITED LIABILITY COMPANY
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SHOULD BE DISSOLVED AND CANCELLED OR THE FOREIGN LIMITED LIABILITY
COMPANY'S AUTHORITY TO DO BUSINESS IN THIS STATE SHOULD BE ANNULLED, IT
SHALL MAKE A JUDGMENT OR FINAL ORDER DISSOLVING THE LIMITED LIABILITY
COMPANY OR ANNULLING THE AUTHORITY OF THE FOREIGN LIMITED LIABILITY
COMPANY.
(2) IF THE JUDGMENT OR FINAL ORDER SHALL PROVIDE FOR A DISSOLUTION AND
CANCELLATION OF THE LIMITED LIABILITY COMPANY OR THE ANNULMENT OF
AUTHORITY OF THE FOREIGN LIMITED LIABILITY COMPANY, THE COURT MAY, IN
ITS DISCRETION, PROVIDE THEREIN FOR THE DISTRIBUTION OF THE PROPERTY OF
THE LIMITED LIABILITY COMPANY TO THOSE ENTITLED THERETO ACCORDING TO
THEIR RESPECTIVE RIGHTS.
(3) THE CLERK OF THE COURT OR SUCH OTHER PERSON AS THE COURT MAY
DIRECT SHALL TRANSMIT CERTIFIED COPIES OF THE JUDGMENT OR FINAL ORDER OF
DISSOLUTION TO THE DEPARTMENT OF STATE.
(4) UPON FILING BY THE DEPARTMENT OF STATE, THE LIMITED LIABILITY
COMPANY SHALL BE DISSOLVED AND ITS ARTICLES OF ORGANIZATION CANCELLED OR
THE AUTHORITY OF THE FOREIGN LIMITED LIABILITY COMPANY SHALL BE
ANNULLED.
(F) ANY PENALTIES PROVIDED FOR IN THIS SECTION SHALL BE IN ADDITION TO
AND MAY BE IMPOSED CONCURRENTLY WITH ANY OTHER REMEDY OR PENALTY OTHER-
WISE PROVIDED FOR IN LAW.
(G) ANY REPORTING OR EXEMPT COMPANY THAT FAILS TO FILE ITS BENEFICIAL
OWNERSHIP DISCLOSURE OR ATTESTATION OF EXEMPTION IN ACCORDANCE WITH
SECTION 1107 OF THIS ARTICLE SHALL BE DEEMED SUSPENDED. ANY REPORTING
OR EXEMPT COMPANY THAT FAILS TO FILE ITS BENEFICIAL OWNERSHIP DISCLOSURE
OR ATTESTATION OF EXEMPTION IN ACCORDANCE WITH SECTION 1107 OF THIS
ARTICLE SHALL BE GIVEN NOTICE BY THE DEPARTMENT OF STATE OF SUCH SUSPEN-
SION, AT LEAST THIRTY DAYS PRIOR TO ANY CHANGE OF STATUS. A REPORTING
COMPANY OR EXEMPT COMPANY THAT IS SUSPENDED BY OPERATION OF THIS SUBDI-
VISION SHALL NOT CONDUCT BUSINESS IN NEW YORK STATE UNTIL ITS BENEFICIAL
OWNERSHIP DISCLOSURE OR ATTESTATION OF EXEMPTION HAS BEEN FILED, AT
WHICH POINT THE SUSPENSION SHALL BE DEEMED ANNULLED AND ALL CORPORATE
POWERS, RIGHTS, PRIVILEGES, IMMUNITIES, DUTIES AND LIABILITIES SHALL BE
RESTORED RETROACTIVELY. THE SUSPENSION OF A REPORTING OR EXEMPT COMPANY
SHALL NOT LIMIT OR IMPAIR THE VALIDITY OF ANY CONTRACT OR ACT OF SUCH
REPORTING OR EXEMPT COMPANY, OR ANY RIGHT OR REMEDY OF ANY OTHER PARTY
UNDER OR BY VIRTUE OF ANY CONTRACT, ACT OR OMISSION OF SUCH REPORTING OR
EXEMPT COMPANY, OR THE RIGHT OF ANY OTHER PARTY TO MAINTAIN ANY ACTION
OR SPECIAL PROCEEDING ON ANY SUCH CONTRACT, ACT OR OMISSION, OR RIGHT OF
SUCH REPORTING OR EXEMPT COMPANY TO DEFEND ANY ACTION OR SPECIAL
PROCEEDING IN THIS STATE, OR RESULT IN ANY MEMBER, MANAGER OR AGENT OF
SUCH REPORTING OR EXEMPT COMPANY BECOMING LIABLE FOR THE CONTRACTUAL
OBLIGATIONS OR OTHER LIABILITIES OF THE LIMITED LIABILITY COMPANY.
(H) THE SECRETARY OF STATE MAY PROMULGATE REGULATIONS NECESSARY TO
EFFECTUATE THE PROVISIONS OF THIS ARTICLE.
§ 2. Subdivisions (ii), (jj), (kk) and (ll) of section 102 of the
limited liability company law, as added by a chapter of the laws of 2023
amending the limited liability company law and the executive law relat-
ing to the disclosure of beneficial owners of limited liability compa-
nies, as proposed in legislative bills numbers S. 995-B and A. 3484-A,
are REPEALED.
§ 3. Paragraphs 6, 7, and 8 of subdivision (e) of section 203 of the
limited liability company law, as amended by 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
A. 8544 5
companies, as proposed in legislative bills numbers S. 995-B and A.
3484-A, are amended to read as follows:
(6) if all or specified members are to be liable in their capacity as
members for all or specified debts, obligations or liabilities of the
limited liability company as authorized pursuant to section six hundred
nine of this chapter, a statement that all or specified members are so
liable for such debts, obligations or liabilities in their capacity as
members of the limited liability company as authorized pursuant to
section six hundred nine of this chapter; AND
(7) [in the case of an exempt company, a statement signed by a member
or manager indicating the provision or provisions of 31 U.S.C. §
5336(a)(11)(B), excluding such company from the definition of a report-
ing company to file an initial report, or in the case of a reporting
company, the beneficial ownership disclosure information as required
pursuant to section two hundred fifteen of this article; and
(8)] any other provisions, not inconsistent with law, that the members
elect to include in the articles of organization for the regulation of
the internal affairs of the limited liability company, including, but
not limited to, (A) the business purpose for which the limited liability
company is formed, (B) a statement of whether there are limitations on
the authority of members or managers or a class or classes thereof to
bind the limited liability company and (C) any provisions that are
required or permitted to be included in the operating agreement of the
limited liability company pursuant to section four hundred seventeen of
this chapter.
§ 4. Paragraphs 8, 9, 10 and 11 of subdivision (d) of section 211 of
the limited liability company law, as amended by 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, are amended to read as follows:
(8) the discovery of a materially false or inaccurate statement in the
articles of organization;
(9) the decision to change any other statement in the articles of
organization; AND
(10) to specify, change or delete the email address to which the
[department] SECRETARY of state shall email a notice of the fact that
process against the limited liability company has been electronically
served upon him or her[; and
(11) in the case of a reporting company, any change in the information
required to be disclosed pursuant to section two hundred fifteen of this
article, or where a reporting company has not filed the disclosure
required by such section, such company shall file such disclosure at the
time of filing such certificate of amendment].
§ 5. Section 215 of the limited liability company law, as added by 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, is REPEALED.
§ 6. Paragraphs 7, 8 and 9 of subdivision (a) of section 802 of the
limited liability company law, as amended by 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, are amended to read as follows:
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(7) a statement that the foreign limited liability company is in
existence in the jurisdiction of its formation at the time of the filing
of such application; AND
(8) the name and address of the authorized officer in the jurisdiction
of its formation where a copy of its articles of organization is filed
or, if no public filing of its articles of organization is required by
the law of the jurisdiction of formation, a statement that the foreign
limited liability company shall provide, on request, a copy thereof with
all amendments thereto (if such documents are in a foreign language, a
translation in English thereof under oath of the translator shall be
attached thereto), and the name and post office address of the person
responsible for providing such copies[; and
(9) in the case of an exempt company, a statement signed by a member
or manager indicating the provision or provisions of 31 U.S.C. §
5336(a)(11)(B), excluding such company from the definition of a report-
ing company to file an initial report, or in the case of a reporting
company, the beneficial ownership disclosure information required pursu-
ant to section eight hundred ten of this article].
§ 7. Subdivision (c) of section 804 of the limited liability company
law, as added by 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, is REPEALED.
§ 8. Section 810 of the limited liability company law, as added by 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, is REPEALED.
§ 9. Section 100-b of the executive law, as added by 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, is REPEALED.
§ 10. Section 10 of 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, is amended to read as
follows:
§ 10. This act shall take effect [on the three hundred sixty-fifth day
after it shall have become a law] JANUARY 1, 2026. Effective immediate-
ly, the addition, amendment and/or repeal of any rule or regulation
necessary for the implementation of this act on its effective date are
authorized to be made and completed on or before such effective date.
§ 11. 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 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, takes effect.