Senate Bill S7091

2021-2022 Legislative Session

Relates to certain real estate syndication offerings

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Consumer Protection 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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Bill Amendments

co-Sponsors

2021-S7091 - Details

See Assembly Version of this Bill:
A9674
Current Committee:
Senate Consumer Protection
Law Section:
General Business Law
Laws Affected:
Amd §§157 & 352-e, Gen Bus L
Versions Introduced in 2023-2024 Legislative Session:
S538, A934

2021-S7091 - Summary

Exempts certain timesharing plans involving ten or fewer purchasers from certain filing requirements relating to real estate investments; excludes New York City.

2021-S7091 - Sponsor Memo

2021-S7091 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7091
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 28, 2021
                                ___________
 
 Introduced  by  Sen.  THOMAS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Consumer Protection
 
 AN ACT to amend the general business law, in relation  to  certain  real
   estate syndication offerings
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 4 of section 157 of the general  business  law,
 as  added  by  chapter  754  of  the laws of 1990, is amended to read as
 follows:
   4. "Time share" means an interest in any arrangement, plan, scheme, or
 similar device, whether by membership,  agreement,  tenancy  in  common,
 sale,  lease, deed, rental agreement, license, or right-to-use agreement
 or by any other means, whereby [three or] more THAN TEN  purchasers,  in
 exchange  for a consideration, receive ownership rights in or a right to
 use the same accommodations or facilities in real property, or both, for
 different intervals of less than a full year during any given year,  but
 not  necessarily for consecutive years, and which extend for a period of
 more than three years  or  which,  for  nominal  consideration,  may  be
 renewed to continue for a period of more than three years.
   §  2.  Paragraph  (a) of subdivision 1 of section 352-e of the general
 business law, as amended by chapter 1085 of the laws of 1968, is amended
 to read as follows:
   (a) It shall be illegal and prohibited for  any  person,  partnership,
 corporation,  company,  trust  or  association, or any agent or employee
 thereof, to make or take part in a public offering or sale  in  or  from
 the  state of New York of securities constituted of participation inter-
 ests or investments in  real  estate,  mortgages  or  leases,  including
 stocks, bonds, debentures, evidences of interest or indebtedness, limit-
 ed  partnership  interests or other security or securities as defined in
 section three hundred fifty-two of this article,  when  such  securities
 consist  primarily  of  participation interests or investments in one or

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

co-Sponsors

2021-S7091A - Details

See Assembly Version of this Bill:
A9674
Current Committee:
Senate Consumer Protection
Law Section:
General Business Law
Laws Affected:
Amd §§157 & 352-e, Gen Bus L
Versions Introduced in 2023-2024 Legislative Session:
S538, A934

2021-S7091A - Summary

Exempts certain timesharing plans involving ten or fewer purchasers from certain filing requirements relating to real estate investments; excludes New York City.

2021-S7091A - Sponsor Memo

2021-S7091A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7091--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 28, 2021
                                ___________
 
 Introduced  by Sens. THOMAS, GAUGHRAN, SKOUFIS -- read twice and ordered
   printed, and when printed to be committed to the Committee on Consumer
   Protection -- recommitted to the Committee on Consumer  Protection  in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 AN  ACT  to  amend the general business law, in relation to certain real
   estate syndication offerings
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision 4 of section 157 of the general business law,
 as added by chapter 754 of the laws of  1990,  is  amended  to  read  as
 follows:
   4. "Time share" means an interest in any arrangement, plan, scheme, or
 similar  device,  whether  by  membership, agreement, tenancy in common,
 sale, lease, deed, rental agreement, license, or right-to-use  agreement
 or  by  any other means, whereby [three or] more THAN TEN purchasers, in
 exchange for a consideration, receive ownership rights in or a right  to
 use the same accommodations or facilities in real property, or both, for
 different  intervals of less than a full year during any given year, but
 not necessarily for consecutive years, and which extend for a period  of
 more  than  three  years  or  which,  for  nominal consideration, may be
 renewed to continue for a period of more than three years.
   § 2. Paragraph (a) of subdivision 1 of section 352-e  of  the  general
 business law, as amended by chapter 1085 of the laws of 1968, is amended
 to read as follows:
   (a)  It  shall  be illegal and prohibited for any person, partnership,
 corporation, company, trust or association, or  any  agent  or  employee
 thereof,  to  make  or take part in a public offering or sale in or from
 the state of New York of securities constituted of participation  inter-
 ests  or  investments  in  real  estate,  mortgages or leases, including
 stocks, bonds, debentures, evidences of interest or indebtedness, limit-
 ed partnership interests or other security or securities as  defined  in
 section  three  hundred  fifty-two of this article, when such securities
 
              

co-Sponsors

2021-S7091B (ACTIVE) - Details

See Assembly Version of this Bill:
A9674
Current Committee:
Senate Consumer Protection
Law Section:
General Business Law
Laws Affected:
Amd §§157 & 352-e, Gen Bus L
Versions Introduced in 2023-2024 Legislative Session:
S538, A934

2021-S7091B (ACTIVE) - Summary

Exempts certain timesharing plans involving ten or fewer purchasers from certain filing requirements relating to real estate investments; excludes New York City.

2021-S7091B (ACTIVE) - Sponsor Memo

2021-S7091B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7091--B
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 28, 2021
                                ___________
 
 Introduced  by  Sens. THOMAS, BOYLE, GAUGHRAN, SKOUFIS -- read twice and
   ordered printed, and when printed to be committed to the Committee  on
   Consumer  Protection  --  recommitted  to  the  Committee  on Consumer
   Protection in accordance with Senate  Rule  6,  sec.  8  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to  said  committee  --  committee  discharged,  bill amended, ordered
   reprinted as amended and recommitted to said committee
 
 AN ACT to amend the general business law, in relation  to  certain  real
   estate syndication offerings
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 4 of section 157 of the general  business  law,
 as  added  by  chapter  754  of  the laws of 1990, is amended to read as
 follows:
   4. "Time share" means an interest in any arrangement, plan, scheme, or
 similar device, whether by membership,  agreement,  tenancy  in  common,
 sale,  lease, deed, rental agreement, license, or right-to-use agreement
 or by any other means, whereby MORE THAN TEN PURCHASERS, OR, IN  A  CITY
 WITH  A  POPULATION OF ONE MILLION OR MORE, three or more purchasers, in
 exchange for a consideration, receive ownership rights in or a right  to
 use the same accommodations or facilities in real property, or both, for
 different  intervals of less than a full year during any given year, but
 not necessarily for consecutive years, and which extend for a period  of
 more  than  three  years  or  which,  for  nominal consideration, may be
 renewed to continue for a period of more than three years.
   § 2. Paragraph (a) of subdivision 1 of section 352-e  of  the  general
 business law, as amended by chapter 1085 of the laws of 1968, is amended
 to read as follows:
   (a)  It  shall  be illegal and prohibited for any person, partnership,
 corporation, company, trust or association, or  any  agent  or  employee
 thereof,  to  make  or take part in a public offering or sale in or from
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11588-04-2
              

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