What's happening
This bill requires the New York Department of State to publicly list all corporate officers for every business entity on file.
Why it matters
Increases Transparency. By requiring the Department of State to publicly list all corporate officers, the bill makes it easier for the public, journalists, and law enforcement to identify the individuals responsible for each business entity operating in New York.
Aids Accountability and Due Diligence. The availability of officer information can help consumers, contractors, and other businesses assess who is behind a company, potentially reducing fraud and supporting fair business practices.
Supports Investigations and Compliance. Government agencies, watchdog groups, and legal authorities will have a more straightforward way to trace ownership and management structures, which can assist in investigations of corporate misconduct, tax evasion, or shell company abuse.
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Who cares
Headline styles
List All Corporate Officers
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to finance
- Referred to finance
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1390
2017-2018 Regular Sessions
IN SENATE
January 9, 2017
Introduced by Sen. AVELLA -- read twice and ordered printed, and when printed to be committed to the Committee on Finance
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
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The executive law is amended by adding a new section 93-a to read as follows:
§ 93-a. Custody of records; corporation and business entity database. The department shall list the names of all corporate officers for any and all entities on file with the department and that are listed and maintained in the corporation and business entity database.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01037-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
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.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.