Bill > A01506

This bill requires limited liability companies (LLCs) that are registering rental properties to provide more detailed ownership information when submitting rent registration statements to the state Division of Housing and Community Renewal. Specifically, LLCs must now include a comprehensive list of all "beneficial owners" - defined as individuals who directly or indirectly own an equity interest in the LLC or have sufficient control to manage or direct the entity's funds and assets. The bill defines a beneficial owner broadly to capture not just direct ownership, but also indirect ownership through contracts, arrangements, or relationships that provide effective control. This new requirement is additional to existing registration data requirements and applies to both state and New York City housing registration processes. The aim appears to be increasing transparency in property ownership by requiring LLCs to disclose the actual individuals behind the corporate structure. The bill takes effect immediately, with a specific provision that the amendments to the New York City administrative code will expire on the same date as the existing law.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A1506