HB1162: HB1162 Corporations; require corporations and limited liability companies and their subsidiaries to provide certain information to the Secretary of State if they own a certain number of multifamily residences

26 LC 62 0278 House Bill 1162 By: Representatives Holly of the 116th, Santos of the 117th, Sanchez of the 42nd, Lupton of the 83rd, and Neal of the 79th A BILL TO BE ENTITLED AN ACT To amend Article 16 of Chapter 2 and Article 11 of Chapter 11 o f Title 14 of the Official1 Code of Georgia Annotated, relating to records and reports relative to business corporations2 and miscellaneous provisions relative to limited liability comp anies, respectively, so as to3 require corporations and limited liability companies and their subsidiaries to provide certain4 information to the Secretary of State if they own a certain number of multifamily residences;5 to require the Secretary of State to publish such information o n the Georgia Corporations6 Division website; to provide for definitions; to provide for related matters; to provide for an7 effective date and applicability; to repeal conflicting laws; and for other purposes.8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:9 SECTION 1.10 Article 16 of Chapter 2 of Title 14 of the Official Code of Geo rgia Annotated, relating to11 records and reports relative to business corporations, is amend ed by adding a new Code12 section to read as follows:13 "14-2-1623.14 (a) As used in this Code section, the term: 15 H. B. 1162 - 1 - 26 LC 62 0278 (1) 'Multifamily residence' means a parcel of real property th at has upon it a structure16 that contains four or more individual dwelling units, each of w hich is designed17 exclusively for use and occupation by one family.18 (2) 'Subsidiary' means a subsidiary of a corporation or any ot her entity in which the19 corporation has a controlling interest.20 (b) In addition to the information delivered to the Secretary of State pursuant to Code21 Section 14-2-1622 as part of a corporation's annual filings, su ch corporation and any22 subsidiary thereof which has an interest in three or more multi family residences shall23 provide the Secretary of State with a list of each such residence along with the address of24 each multifamily residence.25 (c) The Secretary of State shall publish such information with the corporation's business26 information on the Georgia Corporations Division website. If a subsidiary has an interest27 in three or more multifamily residences, in addition to publish ing such information with28 the subsidiary's business information, the Secretary of State s hall also publish such29 information as provided for in subsection (b) of this Code sect ion with the business30 information of the parent or controlling corporation."31 SECTION 2.32 Said title is further amended in Article 11 of Chapter 11, relating to miscellaneous provisions33 relative to limited liability companies, is amended by adding a new Code section to read as34 follows:35 "14-11-1103.2.36 (a) As used in this Code section, the term:37 (1) 'Multifamily residence' means a parcel of real property th at has upon it a structure38 that contains four or more individual dwelling units, each of w hich is designed39 exclusively for use and occupation by one family.40 H. B. 1162 - 2 - 26 LC 62 0278 (2) 'Subsidiary' means a subsidiary of a limited liability corporation or any other entity41 in which the limited liability corporation has a controlling interest.42 (b) In addition to the information delivered to the Secretary of State pursuant to Code43 Section 14-2-1103 as part of a limited liability corporation's annual filings, such44 corporation and any subsidiary thereof which has an interest in three or more multifamily45 residences shall provide the Secretary of State with a list of each such residence along with46 the address of each multifamily residence.47 (c) The Secretary of State shall publish such information with the limited liability48 corporation's business information on the Georgia Corporations Division website. If a49 subsidiary has an interest in three or more multifamily residences, in addition to publishing50 such information with the subsidiary's business information, th e Secretary of State shall51 also publish such information as provided for in subsection (b) of this Code section with52 the business information of the parent or controlling corporation."53 SECTION 3.54 This Act shall become effective on July 1, 2026, and shall apply to all annual filings made55 on or after such date.56 SECTION 4.57 All laws and parts of laws in conflict with this Act are repealed.58 H. B. 1162 - 3 -