Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 26, 2011 |
referred to housing, construction and community development |
Senate Bill S2585
2011-2012 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
2011-S2585 (ACTIVE) - Details
- Current Committee:
- Senate Housing, Construction And Community Development
- Law Section:
- General Business Law
- Laws Affected:
- Amd ยง352-e, Gen Bus L
- Versions Introduced in 2009-2010 Legislative Session:
-
S447
2011-S2585 (ACTIVE) - Summary
Requires the sponsor of a plan to convert a building or buildings to cooperative or condominium ownership to cure all serious violations of record of any local or state law with respect to its building and grounds which are the subject of such cooperative or condominium offering.
2011-S2585 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2585 TITLE OF BILL: An act to amend the general business law, in relation to the physical condition of a building being converted to cooperative or condominium ownership PURPOSE/SUMMARY OF PROVISIONS: This bill would require a sponsor of a cooperative or condominium conversion to correct, or' promise to correct, serious violations of local and state codes concerning building and housing conditions before the sponsor's conversion plan could be accepted for filing by the Attorney General. JUSTIFICATION: In 1982 the Attorney General formalized a long-standing practice by promulgating regulations requiring that an offering plan for a building undergoing conversion to cooperative or condominium ownership state that "prior to closing or within a reasonable period of time thereafter,sponsor will cause to be cured all violations of record as of the closing date (except violations caused by the acts or omissions of tenants of the building in their own units) and will eliminate all dangerous or hazardous conditions that sponsor has notice of and comply with all work orders from mortgages." 13 NYCRR
2011-S2585 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2585 2011-2012 Regular Sessions I N S E N A T E January 26, 2011 ___________ Introduced by Sen. KRUGER -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the general business law, in relation to the physical condition of a building being converted to cooperative or condominium ownership THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (a) of subdivision 1 of section 352-e of the general business law, as amended by chapter 1085 of the laws of 1968, is amended to read as follows: (a) It shall be illegal and prohibited for any person, partnership, corporation, company, trust or association, or any agent or employee thereof, to make or take part in a public offering or sale in or from the state of New York of securities constituted of participation inter- ests or investments in real estate, mortgages or leases, including stocks, bonds, debentures, evidences of interest or indebtedness, limit- ed partnership interests or other security or securities as defined in section three hundred fifty-two of this article, when such securities consist primarily of participation interests or investments in one or more real estate ventures, including cooperative interests in realty, unless and until there shall have been filed with the department of law, prior to such offering, a written statement or statements, to be known as an "offering statement" or "prospectus" concerning the contemplated offering which shall contain the information and representations required by [paragraph] PARAGRAPHS (b) AND (D) of this subdivision unless the security offering is exempted hereunder or under SUBDIVISION TWO OF section three hundred fifty-nine-f[, subdivision two,] of this article by rule or action of the attorney general. The term "real estate" as used in the paragraph shall not include mineral, oil or timber leases or properties, or buildings, structures, land or other EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07262-01-1
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