S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8059
 
                             I N  S E N A T E
 
                              January 5, 2024
                                ___________
 
 Introduced  by Sen. HOYLMAN-SIGAL -- read twice and ordered printed, and
   when printed to be committed to the Committee on Rules
 
 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
 S. 8059                             2

 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.
 S. 8059                             3
 
   (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
 S. 8059                             4
 
 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
 S. 8059                             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:
 S. 8059                             6
 
   (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.