Assembly Bill A3037

Signed By Governor
2017-2018 Legislative Session

Relates to the right of a member of a homeowners association to review books and records

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor

  • 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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Actions
Votes

Bill Amendments

co-Sponsors

multi-Sponsors

2017-A3037 - Details

Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §621, N-PC L

2017-A3037 - Summary

Allows members of a homeowners association to review books and records and documents related to the expenditure of homeowners association dues.

2017-A3037 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3037
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 24, 2017
                                ___________
 
 Introduced  by M. of A. SKOUFIS -- read once and referred to the Commit-
   tee on Corporations, Authorities and Commissions
 
 AN ACT to amend the not-for-profit corporation law,  in  relation  to  a
   member's request to inspect the books and records of the corporation
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section. 1. Subdivision (e)  of  section  621  of  the  not-for-profit
 corporation  law,  as  amended  by  chapter  549 of the laws of 2013, is
 amended to read as follows:
   (e) Upon the written request of any  person  who  shall  have  been  a
 member  of  record  for  at  least  six months immediately preceding his
 request, or of any person holding, or thereunto authorized in writing by
 the holders of, at least five percent of any class  of  the  outstanding
 capital  certificates,  the  corporation shall provide to such member an
 annual balance sheet and profit and loss statement or a financial state-
 ment performing a  similar  function  for  the  preceding  fiscal  year,
 INCLUDING,  BUT NOT LIMITED TO, INVOICES, LEDGERS, BANK ACCOUNTS, RECON-
 CILIATIONS, AND CONTRACTS and, if any interim balance  sheet  or  profit
 and  loss  or  similar  financial  statement has been distributed to its
 members or otherwise made available to the public, the most recent  such
 interim  balance sheet or profit and loss or similar financial statement
 INCLUDING, BUT NOT LIMITED TO, INVOICES, LEDGERS, BANK ACCOUNTS,  RECON-
 CILIATIONS, AND CONTRACTS. The corporation shall be allowed a reasonable
 time to prepare such annual balance sheet and profit and loss or similar
 financial statement.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06281-01-7

co-Sponsors

multi-Sponsors

2017-A3037A - Details

Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §621, N-PC L

2017-A3037A - Summary

Allows members of a homeowners association to review books and records and documents related to the expenditure of homeowners association dues.

2017-A3037A - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3037--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 24, 2017
                                ___________
 
 Introduced  by  M. of A. SKOUFIS, HOOPER, SEPULVEDA, COOK -- Multi-Spon-
   sored by -- M. of A. LOPEZ -- read once and referred to the  Committee
   on  Corporations, Authorities and Commissions -- committee discharged,
   bill amended, ordered reprinted as amended  and  recommitted  to  said
   committee

 AN  ACT  to  amend  the not-for-profit corporation law, in relation to a
   member of a homeowners association's request to inspect the books  and
   records of the homeowners association's governing board
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section. 1. Paragraph (e) of section 621 of the not-for-profit  corpo-
 ration law, as amended by chapter 549 of the laws of 2013, is amended to
 read as follows:
   (e)  Upon  the  written  request  of  any person who shall have been a
 member of record for at least six months immediately  preceding  his  OR
 HER  request, or of any person holding, or thereunto authorized in writ-
 ing by the holders of, at  least  five  percent  of  any  class  of  the
 outstanding  capital certificates, the corporation shall provide to such
 member an annual balance sheet and profit and loss statement or a finan-
 cial statement performing a similar function for  the  preceding  fiscal
 year,  and,  if  any interim balance sheet or profit and loss or similar
 financial statement has been distributed to  its  members  or  otherwise
 made available to the public, the most recent such interim balance sheet
 or  profit  and  loss  or similar financial statement.   The corporation
 shall be allowed a reasonable time to prepare such annual balance  sheet
 and  profit  and  loss  or similar financial statement.   MEMBERS OF ANY
 HOMEOWNERS ASSOCIATION DULY FILED WITH THE OFFICE OF THE ATTORNEY GENER-
 AL SHALL ALSO BE ENTITLED TO REVIEW,  UPON  REQUEST  TO  THE  HOMEOWNERS
 ASSOCIATION'S  GOVERNING BOARD, INVOICES, LEDGERS, BANK ACCOUNTS, RECON-
 CILIATIONS, CONTRACTS, AND ANY DOCUMENTS RELATED TO THE  EXPENDITURE  OF
 HOMEOWNERS ASSOCIATION DUES.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

co-Sponsors

2017-A3037B (ACTIVE) - Details

Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §621, N-PC L

2017-A3037B (ACTIVE) - Summary

Allows members of a homeowners association to review books and records and documents related to the expenditure of homeowners association dues.

2017-A3037B (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3037--B
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 24, 2017
                                ___________
 
 Introduced  by  M. of A. SKOUFIS, HOOPER, SEPULVEDA, COOK -- Multi-Spon-
   sored by -- M. of A. LOPEZ -- read once and referred to the  Committee
   on  Corporations, Authorities and Commissions -- committee discharged,
   bill amended, ordered reprinted as amended  and  recommitted  to  said
   committee  --  again  reported  from  said  committee with amendments,
   ordered reprinted as amended and recommitted to said committee
 
 AN ACT to amend the not-for-profit corporation law, in relation  to  the
   right  of  a  member  of  a homeowners association to review books and
   records
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  621  of  the  not-for-profit  corporation law is
 amended by adding a new paragraph (e-1) to read as follows:
   (E-1) IN ADDITION TO THOSE DOCUMENTS DESCRIBED  IN  PARAGRAPH  (E)  OF
 THIS  SECTION, MEMBERS OF A HOMEOWNERS ASSOCIATION INCORPORATED PURSUANT
 TO THE PROVISIONS OF THIS CHAPTER SHALL ALSO BE ENTITLED TO REVIEW, UPON
 REQUEST TO  THE  HOMEOWNERS  ASSOCIATION'S  GOVERNING  BOARD,  INVOICES,
 LEDGERS,  BANK  ACCOUNTS,  RECONCILIATIONS, CONTRACTS, AND ANY DOCUMENTS
 RELATED TO THE EXPENDITURE OF HOMEOWNERS ASSOCIATION DUES.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06281-05-7

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