N.Y. General Business Law § 1428: Large frontier developer disclosure

* § 1428. Large frontier developer disclosure. 1. Except as otherwise

provided in this section, no large frontier developer may develop,

deploy, or operate a frontier model, in whole or in part in New York

state, without having a current disclosure statement filed with the

office and paying the required share.

2. The disclosure statement shall be filed in the form and the manner

prescribed by the office and shall contain all the information required

by the office. It shall be renewed every two years, whenever ownership

of the frontier model is transferred or whenever there is a material

change to the information reported in the previously filed disclosure

statement, whichever occurs earlier.

3. Such disclosure statement shall identify:

(a) the identity of the large frontier developer and all names under

which such large frontier developer conducts business;

(b) the address of the principal place of business and the address of

each office it maintains in New York state;

(c) in the event such large frontier developer or the ultimate parent

of such large frontier developer is a privately or closely held company,

a list of all persons or entities that beneficially own a five percent

or greater interest in such large frontier developer at the time of the

filing of the disclosure statement and a list of persons who formerly

beneficially owned a five percent or greater interest in such owner or

its predecessors in the preceding five years. In the event such owner or

the ultimate parent is a publicly traded company, such owner shall file

a list of all persons or entities that beneficially own a fifty percent

or greater interest in the large frontier developer at the time of

registration; and

(d) the name and contact information of a point of contact, secondary

contact, and tertiary contact for such large frontier developer. Such

point of contact shall be responsible for receiving inquiries relating

to this article from the office or other governmental entities.

4. Large frontier developers shall be assessed in pro rata shares by

the department to defray the operating expenses, including all direct

and indirect costs, of administering the obligations imposed by this

article.

5. If any person develops, deploys, or operates a large frontier model

in part in New York state without a current disclosure filed with the

office as required by this section, submits false information in its

disclosure or fails to timely pay any assessment required by this

article, in addition to any other penalty or liability that may be

imposed under this article, the office may, after notice and hearing,

levy civil penalties, fees, and costs as follows:

(a) a civil penalty of one thousand dollars for each day the entity

fails to file a disclosure as required by this section or fails to

correct false information; and

(b) an amount equal to the assessments owed.

6. The office shall maintain and publish a list of large frontier

developers who have filed disclosure statements, however such

publication shall not include the contact information set forth in

paragraph (d) of subdivision three of this section.

* NB Effective January 1, 2027