STATEMENT TO

[First Reprint]

SENATE, No. 276

with Senate Floor Amendments

(Proposed by Senator STACK)

ADOPTED: JUNE 2, 2025

      These floor amendments:

      (1) Narrow the definition of the term “beneficial owner” to mean, with respect to an entity:

§ an individual who, directly or indirectly, owns not less than 25 percent of the ownership interests of the entity; and who holds the greatest ownership interest in the entity; or

§ for an entity in which no individual owns greater than 25 percent of the ownership interests of the entity, an individual who, directly or indirectly, holds the greatest ownership interest in the entity;

      (2)  Extend the disclosure requirements of the bill to the registered agent of the company; and

      (3)  Specify that, if the registered agent is not a member of the company, the disclosure requirements of the bill would apply to at least one member of the company.