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.
This bill would create a publicly available database, maintained by the New York Secretary of State, for business entities that enter into certain state procurement contracts. The database would cover New York and foreign business entities authorized to do business in the state and would include core identifying and filing information such as the entity’s name, name history, business street address, county, formation or authority filing date, most recent filing date, filing history, dissolution date if applicable, and other information the Secretary of State determines is appropriate.
The bill also requires the database to include the full legal name of each beneficial owner for limited liability companies and foreign limited liability companies that are reporting companies, subject to a waiver process for owners with significant privacy interests. The bill defines procurement contract broadly to include contracts over $50,000, certain real property transactions with the state, and office space acquisitions by state entities. It also expands the circumstances under which beneficial ownership information may be disclosed by the Department of State, including when a reporting company enters into a procurement contract with a procuring entity.
The bill would amend the Limited Liability Company Law and the Executive Law to link New York’s beneficial ownership disclosure regime with state procurement activity. It would make certain ownership and entity information publicly searchable for companies doing business with state procuring entities, while also creating a privacy waiver mechanism and requiring the Secretary of State to establish related procedures and guidance. In practical terms, it would affect reporting companies, LLCs, foreign LLCs authorized in New York, and state agencies and authorities involved in procurement, real property transactions, and office-space acquisitions.
There is no recorded committee transcript or vote history in the provided materials, so no direct support or opposition is documented here. Based on the bill’s structure, the measure appears aimed at transparency and public accountability in state contracting, while also acknowledging privacy concerns through a waiver process. The overall framing suggests a policy preference for disclosure and oversight rather than a contested partisan measure in the available record.
The main point of potential contention is the balance between transparency in public procurement and privacy for beneficial owners. Supporters would likely emphasize public access to ownership information for companies receiving state contracts and the ability to scrutinize who is behind contracting entities. Opponents or affected businesses may object to the public posting of beneficial owner names and business addresses, especially where disclosure could reveal personal information, though the bill provides waivers for significant privacy interests such as participation in address confidentiality programs or qui tam actions. Another possible issue is the breadth of the procurement contract definition and the administrative burden on the Secretary of State to maintain and police the database.