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House gives favorable report to bill expanding ownership-acknowledgment requirement to LLCs
Summary
The body voted to give SB 57 a favorable report; the bill would require the same acknowledgment of proof of conveyance for members owning less than 1% in an LLC that already applies to other ownership forms.
The presiding member moved and the body gave a favorable report to SB 57, which adds limited liability companies to existing requirements that parties with ownership below a 1% threshold file an acknowledgment of proof of conveyance.
The presiding member summarized the change, saying the current rule requires an acknowledgment when a person owns less than 1% in a company and that SB 57 “is adding LLCs into that same current language that we already had today for the same acknowledgement.” The presiding member told colleagues he would ensure the vice chair had the information on the bill.
Under the amendment described in meeting remarks, the acknowledgment duty that applies at the less-than-1% threshold for other business entities would also apply to LLC members. The presiding member framed the change as an addition to existing language rather than a new standard.
A motion to give SB 57 a favorable report was made and seconded; members responded by voice vote. The transcript does not record individual mover/second or a roll-call tally. The presiding member announced: “SB 57's given a favorable report.”
The meeting then moved to adjournment.
