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Industry Witness Urges Striking Public‑record Requirement From HB 501, Cites Privacy and Security Risks
Summary
Alan Stacora of the National Public Records Research Association testified that House Bill 501's requirement to make LLC beneficial‑owner personal data public would create substantial privacy and security risks and urged amendments to store the data in a secure, nonpublic database.
Alan Stacora, chair of the Government Affairs Committee for the National Public Records Research Association, told a legislative committee that House Bill 501 would create “significant privacy data security risks” by making the personally identifiable information of beneficial owners part of the public record.
The testimony Wednesday before a Legislature MA committee urged lawmakers to amend HB 501 to remove the public‑record requirement and instead require beneficial ownership information to be held in a secure database accessible only to government and law‑enforcement authorities.
Why it matters: Stacora said HB 501 would require disclosures of each beneficial owner’s name, date of birth, residential or business address, passport or…
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