Requires the department of state to list all corporate officers for all entities on file with the department

BILL NUMBER:S5052

Title of bill

An act to amend the executive law, in relation to requiring the department of state to list all corporate officers for all entities on file with the department

Purpose or general idea of bill

The purpose of the bill is to require the New York State Department of State to list all corporate and business entity officer names on file with the Division of Corporations.

Summary of provisions

Section 1 of the bill amends section 93 of the executive law by adding a new section 93-a, which provides that the Department of State shall list the names of all corporate officers for any and all entities on file with the department that are listed in the corporation and business entity database.

Section 2 provides that this act shall take effect immediately.

Justification

Currently, the Division of Corporations of the Department of State makes publicly available the names of corporations and corporate entities, but not of corporate officers on file. It is time that public policy begins to recognize that, in an attempt to provide protections, corporations have been given an inordinate ability to evade responsibility. Providing the names of all officers on file will allow for greater transparency within corporate entities

Prior legislative history

None.

Fiscal implications for state and local governments

None

Effective date

This act shall take effect immediately.