Requires explanatory statements regarding disposal of property to include the names of all beneficial owners.

This bill amends the public authorities law to require explanatory statements regarding the disposal of property to include the names of all beneficial owners. A "beneficial owner" is defined as an individual who, directly or indirectly, owns any equity interest of an entity, and/or has a level of control over the funds or assets of the entity that enables them to control, manage, or direct the entity and the use of its funds and assets. The amendment applies to disposals and contracts for disposal of property occurring on or after the effective date of the act.

Requires explanatory statements regarding disposal of property to include the names of all beneficial owners.

This bill amends the public authorities law to require explanatory statements regarding the disposal of property to include the names of all beneficial owners. A "beneficial owner" is defined as an individual who, directly or indirectly, owns any equity interest of an entity, and/or has a level of control over the funds or assets of the entity that enables them to control, manage, or direct the entity and the use of its funds and assets. The amendment applies to disposals and contracts for disposal of property occurring on or after the effective date of the act.