Bill > S241

Introduced Session

This bill would require a limited liability company or foreign limited liability company that is the grantor or grantee of a deed for residential real property containing one to four dwelling units to disclose the individual members of the company when it files a deed for recording. Under this circumstance, the bill requires a company to submit for recording, together with the deed, an affidavit identifying the names and business addresses of all members, managers, and authorized persons of the company, and the names and business addresses of all shareholders, directors, officers, members, managers, and partners of any business entity that is to be a member, manager, or authorized person of the company. If any member, manager, or authorized person of the company is a business entity, the bill requires disclosure of all shareholders, directors, officers, members, managers, and partners of the business entity until full disclosure of ultimate ownership by natural persons is achieved. At times, parties involved in real estate transfers conceal their identities by acting through limited liability companies. This bill enables the public to know the names of individuals involved in purchasing property in residential neighborhoods, although the individuals have acted through shell limited liability companies.

AI Summary

Committee Categories

Brian Stack (D)*,  Samuel Thompson (D)*,  Nilsa Cruz-Perez (D),  Nia Gill (D), 

Senate Amendment (36-0) (Thompson) (on 01/09/2020)