S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    119
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced by Sens. CLEARE, JACKSON, SEPULVEDA -- read twice and ordered
   printed, and when printed to be committed to the Committee on Housing,
   Construction and Community Development
 
 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00251-01-5
              

 S. 119                              2
 
   § 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:
   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.