Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to banks |
Mar 31, 2011 |
committee discharged and committed to banks |
Feb 22, 2011 |
notice of committee consideration - requested |
Jan 05, 2011 |
referred to housing, construction and community development |
Senate Bill S314
2011-2012 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Banks 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-S314 (ACTIVE) - Details
- Current Committee:
- Senate Banks
- Law Section:
- General Business Law
- Laws Affected:
- Amd ยง352-eeee, Gen Bus L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
S2570
2013-2014: S298
2015-2016: S271
2017-2018: S4912
2011-S314 (ACTIVE) - Sponsor Memo
BILL NUMBER:S314 TITLE OF BILL: REVISED 12/30/11 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 1. Amends Section 352-eeee of the General Business Law by adding three new subdivisions: 2-a, 2-b, and 2-c. 2-a: allows the offeror to extend the purchase period for one year. 2-b: requires the sponsor to return deposits to purchasers upon denial of financing. 2-c: allows the purchaser to void purchase agreement if sponsor refinances during purchase period. Section 2. Effective Date EXISTING LAW:
2011-S314 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 314 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sen. DIAZ -- 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 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 IF THE OFFEROR REFINANCES A COOPERATIVE BUILDING OR GROUP OF BUILDINGS OR DEVELOPMENT DURING THE PURCHASE PERIOD. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01875-01-1
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