Visit the CTA Reference Center to receive the latest updates on the Corporate Transparency Act. Click here!
Visit the CTA Reference Center to receive the latest updates on the Corporate Transparency Act. Click here!
Submitted by UCS on January 17, 2024
Article 9 and Lien-Related Legislation
Utah: Senate Bill 43 was pre-filed on 12/28/2023 to amend the state’s version of UCC § 9-513. The amendment will add a new section that requires a filing office to send a notice to the secured party of record if the debtor files a termination statement.
Business Organization Legislation
Florida: House Bill 1231 and Senate Bill 1346 were both pre-filed on 1/4/2024 to authorize the formation of protected series of a limited liability company.
Georgia: House Bill 876 was introduced on 1/8/2024 to revise the incorporation process for banks and trust companies.
New Hampshire: House Bill 645 (2023), which would authorize the creation of distributed autonomous organizations as legal entities in the state, passed the House on 1/3/2024 and is pending in the Senate.
New York: The governor signed SB 995 on 12/22/2023 to enact the LLC Transparency Act. This new law includes state beneficial ownership reporting requirements modeled on the Federal Corporate Transparency Act (CTA). The bill incorporates definitions from the federal CTA regulations and requires the disclosure of certain beneficial ownership information to the Department of State when filing articles of organization. LLCs in existence on or before the effective date shall have until January 1, 2025 to file an initial beneficial owner report. The new law takes effect on 12/21/2024. The Senate bill text can be accessed here. The governor’s bill signing message can be accessed here.
New York: Senate Bill 8059 was introduced on 1/5/2024 to amend the limited liability company beneficial owner disclosure requirements recently enacted by Senate Bill 995 (2023), which the governor signed in December. The bill would expand the reporting requirements to include reporting of applicants and other requirements.
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