Bill Text: NY A10354 | 2021-2022 | General Assembly | Introduced
Bill Title: Relates to liability for providing false or fraudulent information pertaining to beneficial owners of limited liability companies.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-05-13 - referred to corporations, authorities and commissions [A10354 Detail]
Download: New_York-2021-A10354-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10354 IN ASSEMBLY May 13, 2022 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Gallagher) -- read once and referred to the Committee on Corporations, Authori- ties and Commissions AN ACT to amend the limited liability company law, in relation to liability for providing false or fraudulent information pertaining to beneficial owners of limited liability companies The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 215 of the limited liability company law, as added 2 by a chapter of the laws of 2022 amending the limited liability company 3 law relating to the disclosure of beneficial owners of limited liability 4 companies, as proposed in legislative bills numbers S. 8439-A and A. 5 9415-B, is amended by adding a new subdivision (d) to read as follows: 6 (d) Any person who: (1) knowingly provides false or fraudulent benefi- 7 cial ownership information; or (2) willfully fails to provide complete 8 or updated information shall be guilty of a misdemeanor and liable to 9 the state for a civil penalty of not more than ten thousand dollars and 10 shall be prohibited from organizing, forming, registering, or managing 11 any limited liability company or partnership in the state of New York 12 for a period not less than one year or greater than five years. The 13 department of state may withdraw or prohibit the authority of such enti- 14 ty to do business within the state for at least two years. 15 § 2. Section 810 of the limited liability company law, as added by a 16 chapter of the laws of 2022 amending the limited liability company law 17 relating to the disclosure of beneficial owners of limited liability 18 companies, as proposed in legislative bills numbers S. 8439-A and A. 19 9415-B, is amended by adding a new subdivision (d) to read as follows: 20 (d) Any person who: (1) knowingly provides false or fraudulent benefi- 21 cial ownership information or (2) willfully fails to provide complete or 22 updated information shall be guilty of a misdemeanor and liable to the 23 state for a civil penalty of not more than ten thousand dollars and 24 shall be prohibited from organizing, forming, registering, or managing 25 any limited liability company or partnership in the state of New York 26 for a period not less than one year or greater than five years. The EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15667-01-2A. 10354 2 1 department of state may withdraw or prohibit the authority of such enti- 2 ty to transact business within the state of New York for at least two 3 years. 4 § 3. This act shall take effect on the ninetieth day after a chapter 5 of the laws of 2022 amending the limited liability company law relating 6 to the disclosure of beneficial owners of limited liability companies, 7 as proposed in legislative bills numbers S. 8439-A and A. 9415-B, takes 8 effect.
