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Bill

A 8662

Relates to the scope of certain provisions relating to beneficial owners of limited liability companies

2025 Regular Session Introduced by Emily Gallagher

Bill A 8662 enhances transparency by requiring LLCs to disclose beneficial owners, aiming to prevent fraud and improve accountability in business ownership.

SUBSTITUTED BY S8432
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WeVote Research Nonpartisan
Bill Summary · A 8662

Summary of Bill A 8662

Bill Overview

  • Bill Number: A 8662
  • Title: Relates to the scope of certain provisions relating to beneficial owners of limited liability companies
  • Status: Substituted by S8432
  • Introduced: May 23, 2025
  • Classification: Legislative Bill

Purpose and Intent

Bill A 8662 aims to clarify and expand the legal framework surrounding the identification and reporting of beneficial owners of limited liability companies (LLCs). The intent is to enhance transparency in business ownership, thereby aiding in the prevention of fraud, money laundering, and other illicit activities associated with opaque ownership structures.

Key Provisions

While the specific text of the bill is not provided, the following key provisions can be inferred based on its title and legislative intent:

  • Definition of Beneficial Owners: The bill likely seeks to define who qualifies as a beneficial owner of an LLC, potentially including individuals who exercise significant control or have substantial economic interests in the company.

  • Reporting Requirements: It may establish or modify requirements for LLCs to disclose their beneficial owners to state authorities, thereby increasing accountability and transparency.

  • Compliance Measures: The bill could introduce penalties for non-compliance with the reporting requirements, ensuring that LLCs adhere to the new regulations.

Affected Parties

  • Limited Liability Companies (LLCs): The primary entities impacted by this legislation will be LLCs operating within the jurisdiction. They will need to adjust their reporting practices to comply with the new requirements.

  • Business Owners and Investors: Individuals who are beneficial owners of LLCs will be directly affected, as they may need to disclose their ownership status and any relevant financial interests.

  • Regulatory Authorities: State agencies responsible for corporate oversight will be tasked with enforcing the new provisions and ensuring compliance among LLCs.

Legislative Timeline

  • May 23, 2025: Bill A 8662 was introduced and referred to the Committee on Corporations, Authorities, and Commissions.
  • May 28, 2025: The bill was reported and referred to the Ways and Means Committee, where it was amended and recommitted.
  • June 6, 2025: The bill was reported and referred to the Rules Committee.
  • June 12, 2025: The bill was reported out of the Rules Committee and ordered to third reading.
  • June 13, 2025: Bill A 8662 was substituted by S8432, indicating that the provisions may have been integrated into the companion bill for further consideration.

Related Legislation

  • S 8432: This is the companion bill to A 8662, which likely contains similar or identical provisions regarding beneficial ownership of LLCs.

Conclusion

Bill A 8662 represents a significant step towards increasing transparency in the ownership of limited liability companies. By clarifying the definitions and reporting requirements for beneficial owners, the bill aims to strengthen regulatory oversight and combat financial crimes. As the bill has been substituted by S8432, stakeholders should monitor the progress of the companion legislation for any changes or developments.

Compiled from official sources — confirm details with the bill’s official record.

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