Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to housing, construction and community development |
Feb 24, 2009 |
referred to housing, construction and community development |
Senate Bill S2570
2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
(D, WF) Senate District
(D) 11th Senate District
2009-S2570 (ACTIVE) - Details
- Current Committee:
- Senate Housing, Construction And Community Development
- Law Section:
- General Business Law
- Laws Affected:
- Amd ยง352-eeee, Gen Bus L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S314
2013-2014: S298
2015-2016: S271
2017-2018: S4912
2009-S2570 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2570 TITLE OF BILL : An act to amend the general business law, in relation to providing an extension of time to the purchasing period for tenants to purchase a dwelling unit in a cooperative apartment building PURPOSE : To protect the opportunity for low and middle income families to purchase a cooperative or condominium dwelling during their purchase period and to prevent the recent mortgage and credit crisis from affecting or denying such opportunity of home ownership. SUMMARY OF PROVISIONS : Section 352-eeee of the General Business Law is amended by adding three new subdivisions: 2-a, 2-b, and 2-c. 2-a: allows for the offeror to extend the purchase period for one year. 2-b: requires sponsor to return deposits to purchasers upon denial of financing. 2-c: allows purchaser to void purchase agreement if sponsor refinances during purchase period. JUSTIFICATION :
2009-S2570 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ S. 2570 A. 6004 2009-2010 Regular Sessions S E N A T E - A S S E M B L Y February 24, 2009 ___________ IN SENATE -- Introduced by Sen. DIAZ -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development IN ASSEMBLY -- Introduced by M. of A. DIAZ -- read once and referred to the Committee on Housing AN ACT to amend the general business law, in relation to providing an extension of time to the purchasing period for tenants to purchase a dwelling unit in a cooperative apartment building THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 352-eeee of the general business law is amended by adding three new subdivisions 2-a, 2-b and 2-c to read as follows: 2-A. NOTWITHSTANDING THE TIME PERIODS SET FORTH IN PARAGRAPH (A) OF SUBDIVISION TWO OF THIS SECTION, THE OFFEROR SHALL EXTEND THE PURCHASE PERIOD FOR AN ADDITIONAL YEAR FROM THE ORIGINAL DATE AND AT THE ORIGINAL PURCHASE PRICE SET FORTH IN THE OFFERING STATEMENT OR PROSPECTUS, REQUIRED BY SUBDIVISION ONE OF SECTION THREE HUNDRED FIFTY-TWO-E OF THIS ARTICLE, TO TENANTS INTENDING TO PURCHASE A DWELLING UNIT IN SUCH COOP- ERATIVE APARTMENT BUILDING WHO HAVE NOT BEEN ABLE TO ACQUIRE THE FINANC- ING NECESSARY TO MAKE SUCH PURCHASE DURING THE PURCHASE PERIOD PROVIDED IN THE INITIAL OFFERING STATEMENT OR PROSPECTUS. 2-B. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, THE OFFEROR SHALL NOT REQUIRE A TENANT TO SEEK ANY ADDITIONAL FINANCING UPON PROOF THAT SUCH TENANT HAS BEEN DENIED FINANCING FROM A FINANCIAL INSTI- TUTION. SUCH OWNER SHALL RETURN ANY MONIES DEPOSITED BY A TENANT UNABLE TO ATTAIN SUCH FINANCING. 2-C. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, ANY PURCHASER OF A DWELLING UNIT OR CONDOMINIUM OR OTHER FORM OF COOPERATIVE INTEREST IN REALTY, SHALL HAVE THE OPTION TO VOID A PURCHASE AGREEMENT EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09540-01-9
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