Plain English Breakdown
The exact threshold of properties required to trigger reporting is not specified in the provided text.
HB1162: Reporting Rules for Large Apartment Owners
This bill requires corporations, limited liability companies (LLCs), and their subsidiaries to share specific details with the Secretary of State if they own a certain number of multifamily residences.
What This Bill Does
- Requires corporations, LLCs, and their subsidiaries to provide information to the Secretary of State if they own a set amount of apartment buildings.
- Mandates that the Secretary of State publish this data on the Georgia Corporations Division website.
- Updates existing laws in Title 14 regarding business records for these types of companies.
- Provides definitions for terms used within the new reporting rules.
Who It Names or Affects
- Corporations that own a specific number of multifamily residences
- Limited liability companies (LLCs) with similar property holdings
- Subsidiaries of these business entities
Limits and Unknowns
- The bill text does not state the exact number of homes a business must own before reporting.
- The specific details companies must provide are listed as 'certain information' without full description in this summary.
- An effective date for when these rules begin is not included in the provided metadata.