Assembly Bill A10362

2011-2012 Legislative Session

Relates to the disclosure of information on the fiscal health of a condominium, cooperative apartment building or cooperative community

download bill text pdf

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Archive: Last Bill Status - In Assembly 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

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2011-A10362 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Law
Laws Affected:
Renum §§339-gg - 339-ii to be §§339-ll - 339-nn, add §339-gg, RP L
Versions Introduced in Other Legislative Sessions:
2013-2014: A895
2015-2016: A543
2017-2018: A2241
2019-2020: A1446
2021-2022: A3263
2023-2024: A884

2011-A10362 (ACTIVE) - Summary

Relates to the disclosure of information on the fiscal health of a condominium, cooperative apartment building or cooperative community to prospective buyers, current owners and the condominium board or the cooperative board.

2011-A10362 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10362

                          I N  A S S E M B L Y

                              May 24, 2012
                               ___________

Introduced  by  M.  of  A.  ROSENTHAL  --  read once and referred to the
  Committee on Real Property Taxation

AN ACT to amend the real property law, in relation to the disclosure  of
  information  on the fiscal health of a condominium, cooperative apart-
  ment building or cooperative community to prospective buyers,  current
  owners and the condominium board or the cooperative board

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Sections 339-gg, 339-hh and 339-ii of the real property law
are renumbered sections 339-ll, 339-mm and  339-nn  and  a  new  section
339-gg is added to read as follows:
  S  339-GG.  AUDITORS REPORT. 1. UPON DISCOVERY OF ANY WRITTEN DOCUMENT
OR ANY OTHER FORM OF EVIDENCE WHICH WOULD MATERIALLY IMPACT AN AUDITOR'S
PROFESSIONAL FINDINGS ABOUT THE FISCAL HEALTH OF A CONDOMINIUM,  COOPER-
ATIVE  APARTMENT  BUILDING  OR  COOPERATIVE COMMUNITY, THE AUDITOR SHALL
DISCLOSE SUCH FINDING TO PROSPECTIVE  BUYERS,  CURRENT  OWNERS  AND  THE
CONDOMINIUM BOARD OR THE COOPERATIVE BOARD.
  2.  DISCLOSURE SHALL BE MADE IN WRITTEN FORM AND SHALL BE DELIVERED TO
THE PROSPECTIVE BUYER OR BUYERS WITHIN A REASONABLE TIME  AFTER  DISCOV-
ERY.
  3.  UPON  WRITTEN  DEMAND  BY  PROSPECTIVE BUYERS, CURRENT OWNERS, THE
CONDOMINIUM BOARD OR THE COOPERATIVE BOARD, THE AUDITOR SHALL PROVIDE  A
COPY OF THE COMPLETED REPORT WITHIN A REASONABLE TIME AFTER SUCH REQUEST
IS MADE.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14111-02-2

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