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NY A07820
Bill
Status
4/11/2025
Primary Sponsor
Emily Gallagher
Click for details
AI Summary
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Requires the Secretary of State to maintain a publicly available database of all business entities that enter into procurement contracts valued over $50,000 with state agencies, authorities, and other government entities
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Database must include business entity name, name history, current street address and county, dissolution date if applicable, filing dates, and filing history
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Mandates disclosure of full legal names of beneficial owners for limited liability companies that are also reporting companies when they hold state procurement contracts
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Creates an exception to beneficial ownership confidentiality rules, allowing public disclosure when a reporting company enters into a procurement contract with a state entity
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Establishes a waiver process for beneficial owners with significant privacy interests, including participants in address confidentiality programs or whistleblowers in qui tam actions, allowing them to be identified only by an anonymized unique number
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Takes effect 365 days after becoming law, with rulemaking authorized to begin immediately
Legislative Description
Establishes a publicly available database of business entities in the state that enter into procurement contracts with procuring entities in the state; requires such database to include, among other things, the name of the business entity, the current business street address and county associated with each business street address, and the full name of each beneficial owner.
Last Action
referred to governmental operations
1/7/2026