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Panel advances bill to require disclosure of beneficial owners in property disposals

Corporations, Authorities and Commissions Committee · February 10, 2026

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Summary

The committee advanced a bill requiring explanatory statements for disposal of public-authority property to list all beneficial owners and to make that information publicly available; the measure was moved, seconded and reported to the floor by voice vote.

A Senate committee on Feb. 10 advanced legislation that would require explanatory statements for disposal of property under the Public Authorities Law to include the names of all beneficial owners and to make those explanations publicly available.

Speaker 1 introduced the proposal, recorded in the transcript as "Senate Bill 25 55," saying it would require explanatory statements regarding disposal of property to include names of all beneficial owners and be made publicly available. "This bill would require explanatory statements regarding disposal of property to include names of all beneficial owners and made publicly available," the transcript records.

The committee moved the measure; a senator identified in the transcript as "Senator Claire" seconded it. The panel approved the bill by voice vote and the record states the bill was "passed and reported to the floor." The transcript does not include a roll-call tally or further amendments.

The transcript does not provide more detailed drafting language, such as thresholds for disclosure or exemptions for privacy or security. The committee did not record oral testimony from external stakeholders during this item in the provided excerpt.