CA AB889

Requires a qualified entity (corporation or limited liability company owning real property offered for rent or lease) to report beneficial owner information to the Secretary of State upon registration, renewal, or submission of a statement of information.

Defines "beneficial owner" as a natural person who exercises substantial control over the entity, owns 25 percent or more of equity interest, or receives substantial economic benefits from its assets.

Excludes minor children, nominees, intermediaries, employees (whose control derives solely from employment), persons with only inheritance rights, and creditors from the beneficial owner definition.

Requires the Secretary of State to establish the form and manner for reporting beneficial owner identity information.