Senate Bill S2555

2025-2026 Legislative Session

Relates to requirements for explanatory statements regarding disposal of property

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2025-S2555 (ACTIVE) - Details

Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd §2897, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2021-2022: S4611
2023-2024: S1937

2025-S2555 (ACTIVE) - Summary

Requires explanatory statements regarding disposal of property to include the names of all beneficial owners.

2025-S2555 (ACTIVE) - Sponsor Memo

2025-S2555 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2555
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 21, 2025
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and Commissions
 
 AN  ACT to amend the public authorities law, in relation to requirements
   for explanatory statements regarding disposal of property

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Paragraph d of subdivision 6 of section 2897 of the public
 authorities law is amended by adding a new subparagraph (iii) to read as
 follows:
   (III) EACH SUCH STATEMENT SHALL INCLUDE THE NAMES  OF  ALL  BENEFICIAL
 OWNERS OF THE ENTITY TO WHICH THE PROPERTY IS BEING TRANSFERRED. FOR THE
 PURPOSES OF THIS SUBPARAGRAPH, "BENEFICIAL OWNER" SHALL MEAN AN INDIVID-
 UAL  WHO,  DIRECTLY  OR  INDIRECTLY,  THROUGH ANY CONTRACT, ARRANGEMENT,
 UNDERSTANDING, RELATIONSHIP OR OTHERWISE, 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.  Subparagraphs  (v)  and (vi) of paragraph b of subdivision 7 of
 section 2897 of the public authorities law, as added by chapter  506  of
 the  laws  of 2009, are amended and a new subparagraph (vii) is added to
 read as follows:
   (v) the names of any private parties participating  in  the  transfer,
 and  if  different  than  the statement required by subparagraph (iv) of
 this paragraph, a statement of the value to the private party; [and]
   (vi) the names of other private parties who have  made  an  offer  for
 such  asset,  the value offered, and the purpose for which the asset was
 sought to be used[.]; AND
   (VII) THE NAMES OF ALL BENEFICIAL OWNERS OF THE ENTITY  TO  WHICH  THE
 PROPERTY  IS  BEING  TRANSFERRED. FOR THE PURPOSES OF THIS SUBPARAGRAPH,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05205-01-5

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