S995B

The Senate passed S995B, the LLC Transparency Act, on a roll call vote of 41-21. The bill, sponsored by Sen. Hoylman-Sigal, requires limited liability companies to disclose the names and business addresses of their owners and directs the New York State Department of State to create a public database of LLC owners. Hoylman-Sigal argued the measure is necessary to prevent property buyers from masking their identity and to hold them accountable, noting that LLCs currently require less disclosure than a library card application. The bill takes effect 360 days after becoming law. Twenty-one senators, including Ashby, Borrello, Canzoneri-Fitzpatrick, Gallivan, Griffo, Helming, Lanza, Martins, Mattera, Murray, Oberacker, O'Mara, Ortt, Palumbo, Rhoads, Rolison, Stec, Tedisco, Walczyk, Weber and Weik, voted against the measure.