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Senate Bill S119

2025-2026 Legislative Session

Relates to rent registration statements filed by a limited liability company

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Current Bill Status - In Assembly Committee

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2025-S119 (ACTIVE) - Details

See Assembly Version of this Bill:
A1506
Current Committee:
Assembly Codes
Law Section:
Emergency Tenant Protection Act of 1974
Laws Affected:
Amd §12-a, Emerg Ten Prot Act of 1974; amd §26-517, NYC Ad Cd
Versions Introduced in 2023-2024 Legislative Session:
S6691, A5693

2025-S119 (ACTIVE) - Summary

Requires that any limited liability company who files a rent registration statement shall include a list of all members of such limited liability company and each member's ownership interest.

2025-S119 (ACTIVE) - Sponsor Memo

2025-S119 (ACTIVE) - Bill Text download pdf 

                             
                     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

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