A Local Law to amend the administrative code of the city of New York, in relation to requiring limited liability business entities to disclose managers, officers and owners on applications for certificates of occupancy and permits from the department of buildings

Summary

This bill would require limited liability business entities (including corporations, limited liability companies, limited partnerships, and limited liability partnerships) to disclose their officers, managers, and owners holding an interest in the business entity in excess of 5 percent on applications for certificates of occupancy and Department of Buildings permits. Building owners would have an ongoing obligation to update this information whenever it changes. The maximum civil penalty for failure to update ownership information on a certificate of occupancy application would be $2,500. Current certificate of occupancy holders that are limited liability business entities would have until December 31, 2024 to update their applications with the required disclosures.

Official summary of legislation · NYC Council