Senate Bill S3590

2015-2016 Legislative Session

Initiates a four year moratorium on privatization voting by Mitchell-Lama building shareholders

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Sponsored By

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

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2015-S3590 (ACTIVE) - Details

See Assembly Version of this Bill:
A560
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง35, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: A11156
2011-2012: S3258, A1467
2013-2014: S1830, A700
2017-2018: S2338, A3199
2019-2020: A1105
2021-2022: A542
2023-2024: A389

2015-S3590 (ACTIVE) - Summary

Initiates a four year moratorium on privatization voting by Mitchell-Lama building shareholders between failed dissolution votes.

2015-S3590 (ACTIVE) - Sponsor Memo

2015-S3590 (ACTIVE) - Bill Text download pdf 

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

                                  3590

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 12, 2015
                               ___________

Introduced  by  Sens. ESPAILLAT, HOYLMAN, KRUEGER, PERKINS -- 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 private housing finance law, in relation to initiat-
  ing a four-year moratorium on privatization  voting  by  Mitchell-Lama
  building shareholders

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

  Section 1. Section 35 of the private housing finance law is amended by
adding a new subdivision 5 to read as follows:
  5. (A) IN THE EVENT OF A FAILED VOLUNTARY DISSOLUTION VOTE BY A COMPA-
NY SUBJECT TO THIS ARTICLE, THERE SHALL BE  A  FOUR-YEAR  MORATORIUM  ON
VOLUNTARY DISSOLUTION VOTING BY SUCH COMPANY.
  (B) ANY CITY, TOWN OR VILLAGE MAY ENACT LOCAL LAWS, ORDINANCES, RESOL-
UTIONS  OR  REGULATIONS NOT LESS RESTRICTIVE THAN THOSE PROVIDED IN THIS
SUBDIVISION.
  (C) THE PROVISIONS OF THIS SUBDIVISION SHALL NOT DIMINISH THE REQUIRE-
MENTS OF ANY OTHER LAW WHICH MAY APPLY TO SUCH ACTION.
  S 2. This act shall take effect on the ninetieth day  after  it  shall
have become a law.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04010-01-5

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