N.Y. Limited Liability Company Law § 1107: Beneficial ownership disclosure

§ 1107. Beneficial ownership disclosure. (a) All reporting companies

shall file with the department of state a beneficial ownership

disclosure in such form and manner as directed by the department of

state, identifying each beneficial owner of the reporting company and

each applicant with respect to that reporting company, by: (1) full

legal name; (2) date of birth; (3) current home or business street

address; and (4) a unique identifying number from: (i) an unexpired

passport; (ii) an unexpired state driver's license; or (iii) an

unexpired identification card or document issued by a state or local

government agency or tribal authority for the purpose of identification

of that individual.

(b) All exempt companies shall electronically file, under penalty of

perjury, an attestation of exemption in such form designated by the

department of state, which statement shall include the specific

exemption claimed and the facts on which such exemption is based. Any

company filing an exemption pursuant to this subdivision shall be

subject to the annual statement requirement as stated in subdivision (g)

of this section in the form prescribed by the department, which

statement shall be attested to under penalty of perjury.

(c) All beneficial ownership disclosures, attestations of exemption,

and filing fees shall be submitted electronically as prescribed by the

department of state. The beneficial ownership disclosure or attestation

of exemption shall be signed electronically consistent with the

provisions of article three of the state technology law.

(d) Within thirty days of an initial filing of articles of

organization or an application for authority pursuant to this chapter, a

reporting company shall file with the department of state a beneficial

ownership disclosure that complies with subdivision (a) of this section.

Within thirty days of an initial filing of articles of organization or

an application for authority pursuant to this chapter, an exempt company

shall file with the department of state an attestation of exemption that

complies with subdivision (b) of this section.

(e) Within one year of the effective date of this section, all

previously formed or authorized reporting companies shall file with the

department of state a beneficial ownership disclosure that complies with

subdivision (a) of this section. Within one year of the effective date

of this section, all previously formed or authorized exempt companies

shall file with the department of state an attestation of exemption that

complies with subdivision (b) of this section.

(f) All information relating to beneficial owners who are natural

persons collected by the department of state in accordance with this

section shall be maintained in a secure database and shall be deemed

confidential except: (1) pursuant to the written request of or by

voluntary written consent of the beneficial owner; (2) by court order;

(3) to officers or employees of another federal, state or local

government agency where disclosure is necessary for the agency to

perform its official duties as required by statute or necessary to

operate a program specifically authorized by law; or (4) for a valid law

enforcement purpose including as relevant to any law enforcement

investigation by the office of the attorney general. Any beneficial

ownership information disclosed by department of state shall not be

further disclosed by any recipient except as authorized in law or as

otherwise necessary to the performance of statutory duties.

(g) Once the initial beneficial ownership disclosure has been filed,

all reporting companies shall electronically file with the department of

state an annual statement confirming or updating: (1) their beneficial

ownership disclosure information; (2) the street address of its

principal executive office; (3) status as exempt company, if applicable;

and (4) such other information as may be designated by the department of

state.

(h) The department of state shall establish provisions for sharing

information with agencies permitted to access information relating to

beneficial owners in accordance with subdivision (f) of this section.