S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1506
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 10, 2025
                                ___________
 
 Introduced  by  M.  of A. ROSENTHAL, BURDICK, EPSTEIN, SEAWRIGHT -- read
   once and referred to the Committee on Housing
 
 AN ACT to amend the emergency tenant protection act of  nineteen  seven-
   ty-four  and  the  administrative  code  of  the  city of New York, in
   relation to rent registration statements filed by a limited  liability
   company

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 12-a of section 4 of chapter 576  of  the  laws  of
 1974,  constituting  the  emergency  tenant  protection  act of nineteen
 seventy-four, is amended by adding a new  subdivision  b-1  to  read  as
 follows:
   B-1.  NOTWITHSTANDING ANY OTHER LAW TO THE CONTRARY, WHEN THE OWNER OF
 A HOUSING ACCOMMODATION IS A LIMITED LIABILITY COMPANY AND IS  REGISTER-
 ING  SUCH  HOUSING  ACCOMMODATION PURSUANT TO THIS SECTION, SUCH LIMITED
 LIABILITY COMPANY SHALL BE REQUIRED TO INCLUDE IN ITS SUBMISSION TO  THE
 STATE DIVISION OF HOUSING AND COMMUNITY RENEWAL A LIST OF ALL BENEFICIAL
 OWNERS  OF  SUCH  LIMITED  LIABILITY  COMPANY AND THE PROPORTION OF EACH
 OWNER'S INTEREST IN SUCH LIMITED LIABILITY COMPANY. THE REQUIREMENT  SET
 FORTH BY THIS SECTION SHALL BE IN ADDITION TO THE DATA REQUIRED PURSUANT
 TO SUBDIVISION A OF THIS SECTION.  FOR THE PURPOSES OF THIS SUBDIVISION,
 "BENEFICIAL OWNER" SHALL MEAN AN INDIVIDUAL WHO, DIRECTLY OR INDIRECTLY,
 THROUGH ANY CONTRACT, ARRANGEMENT, UNDERSTANDING, RELATIONSHIP OR OTHER-
 WISE,  OWNS  ANY  EQUITY  INTEREST  OF  AN ENTITY, AND/OR HAS A LEVEL OF
 CONTROL OVER THE FUNDS OR ASSETS OF THE  ENTITY  THAT,  AS  A  PRACTICAL
 MATTER,  ENABLES  THE  INDIVIDUAL,  DIRECTLY  OR INDIRECTLY, TO CONTROL,
 MANAGE OR DIRECT THE ENTITY AND THE USE OF ITS FUNDS AND ASSETS  OR  ANY
 PART THEREOF.
   § 2. Section 26-517 of the administrative code of the city of New York
 is amended by adding a new subdivision b-1 to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00251-01-5
 A. 1506                             2
              

 
   B-1.  NOTWITHSTANDING ANY OTHER LAW TO THE CONTRARY, WHEN THE OWNER OF
 A HOUSING ACCOMMODATION IS A LIMITED LIABILITY COMPANY AND IS  REGISTER-
 ING  SUCH  HOUSING  ACCOMMODATION PURSUANT TO THIS SECTION, SUCH LIMITED
 LIABILITY COMPANY SHALL BE REQUIRED TO INCLUDE IN ITS SUBMISSION TO  THE
 STATE DIVISION OF HOUSING AND COMMUNITY RENEWAL A LIST OF ALL BENEFICIAL
 OWNERS OF THE MEMBERSHIP INTERESTS OF SUCH LIMITED LIABILITY COMPANY AND
 THE PROPORTION OF EACH DIRECT OR INDIRECT MEMBER'S OWNERSHIP INTEREST IN
 SUCH  LIMITED  LIABILITY  COMPANY.  THE  REQUIREMENT  SET  FORTH BY THIS
 SECTION SHALL BE IN ADDITION TO THE DATA REQUIRED PURSUANT  TO  SUBDIVI-
 SION  A OF THIS SECTION.  FOR THE PURPOSES OF THIS SUBDIVISION, "BENEFI-
 CIAL OWNER" SHALL  MEAN  AN  INDIVIDUAL  WHO,  DIRECTLY  OR  INDIRECTLY,
 THROUGH ANY CONTRACT, ARRANGEMENT, UNDERSTANDING, RELATIONSHIP OR OTHER-
 WISE,  OWNS  ANY  EQUITY  INTEREST  OF  AN ENTITY, AND/OR HAS A LEVEL OF
 CONTROL OVER THE FUNDS OR ASSETS OF THE  ENTITY  THAT,  AS  A  PRACTICAL
 MATTER,  ENABLES  THE  INDIVIDUAL,  DIRECTLY  OR INDIRECTLY, TO CONTROL,
 MANAGE OR DIRECT THE ENTITY AND THE USE OF ITS FUNDS AND ASSETS  OR  ANY
 PART THEREOF.
   §  3.  This act shall take effect immediately; provided, however, that
 the amendments to section 26-517 of chapter 4 of title 26 of the  admin-
 istrative  code  of the city of New York made by section two of this act
 shall expire on the same date as such law expires and shall  not  affect
 the expiration of such law as provided under section 26-520 of such law.