Senate Bill S7523

2017-2018 Legislative Session

Enacts the "fairness in cooperative homeownership act"

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Judiciary 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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2017-S7523 (ACTIVE) - Details

See Assembly Version of this Bill:
A10084
Current Committee:
Senate Judiciary
Law Section:
Real Property Law
Laws Affected:
Add Art 11 §§360 - 366, RP L
Versions Introduced in Other Legislative Sessions:
2019-2020: S4677, A6194
2021-2022: S2846, A5856
2023-2024: S2964, A1778

2017-S7523 (ACTIVE) - Summary

Enacts the "fairness in cooperative homeownership act"; regulates the submission and determinations of applications for ownership of cooperative apartments.

2017-S7523 (ACTIVE) - Sponsor Memo

2017-S7523 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7523
 
                             I N  S E N A T E
 
                             January 19, 2018
                                ___________
 
 Introduced  by  Sen.  HANNON -- read twice and ordered printed, and when
   printed to be committed to the Committee on Judiciary
 
 AN ACT to amend the real property law, in  relation  to  the  timing  of
   decisions for the sales of cooperative apartments
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Legislative findings.  The  legislature  hereby  finds  and
 declares  that  residential  cooperative purchasers are subject to proc-
 esses and conditions that do not also apply to the  purchases  of  other
 single-family  residences.  The  provisions of this act are not intended
 and do not diminish the duty  of  cooperative  boards  to  uphold  their
 established  fiduciary  duties.  It is the intent of this act to signif-
 icantly improve the transparency of the cooperative purchase process  to
 the benefit of all parties involved in the transaction.
   §  2.  The  real property law is amended by adding a new article 11 to
 read as follows:
 
                                ARTICLE 11
               COOPERATIVE CORPORATIONS; TIMING OF DECISIONS
 
 SECTION 360. SHORT TITLE.
         361. DEFINITIONS.
         362. REQUIREMENTS FOR DETERMINATION.
         363. ACKNOWLEDGEMENT OF RECEIPT OF APPLICATION.
         364. TIME FOR DETERMINATION.
         365. TOLLING OF TIME.
         366. CONSTRUCTION.
   § 360. SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY  BE  CITED  AS
 THE "FAIRNESS IN COOPERATIVE HOMEOWNERSHIP ACT".
   § 361. DEFINITIONS. AS USED IN THIS ARTICLE, UNLESS THE CONTEXT OTHER-
 WISE REQUIRES:
   1.  "APPLICATION" MEANS THE SET OF DOCUMENTS UTILIZED BY A COOPERATIVE
 CORPORATION TO  FACILITATE  A  PROSPECTIVE  PURCHASER'S  ACQUISITION  OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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