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

Amends the definitions of the terms "beneficial owner", "reporting company" and "exempt company" to set the scope of certain provisions relating to beneficial owners of limited liability companies; authorizes the department of state to further clarify any such definitions.

VETO MESSAGE - No. 164 TO THE SENATE: I am returning herewith, without my approval, the following bill: Senate Bill Number 8432, entitled: "AN ACT to amend the limited liability company law, in relation to the scope of certain provisions relating to beneficial owners of limited liability companies" NOT APPROVED The legislation would modify the LLC Transparency Act, in light of changes to the federal Corporate Transparency Act (CTA). The LLC Trans- parency Act was enacted to ensure that the state would receive reporting similar to that which is required under the federal CTA, thereby ensur- ing transparency regarding ownership while not placing additional burdens on limited liability companies (LLCs). Since the LLC Transparen- cy Act was passed, the Federal Government has established new reporting criteria, limiting requirements under the CTA. This bill would create a mandate for business...