Bill Text: NY A01267 | 2019-2020 | General Assembly | Amended
Bill Title: Requires a uniform process for considering applications to purchase condominiums or cooperatives.
Spectrum: Slight Partisan Bill (Democrat 9-4)
Status: (Introduced - Dead) 2020-07-20 - amended on third reading 1267d [A01267 Detail]
Download: New_York-2019-A01267-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 1267--D 2019-2020 Regular Sessions IN ASSEMBLY January 14, 2019 ___________ Introduced by M. of A. PERRY, PAULIN, DiPIETRO, PEOPLES-STOKES, BRABE- NEC, SEAWRIGHT, BLAKE, RICHARDSON -- Multi-Sponsored by -- M. of A. COOK, GALEF, LUPARDO, McDONOUGH -- read once and referred to the Committee on Housing -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- reported and referred to the Committee on Rules -- Rules Committee discharged, bill amended, ordered reprinted as amended and recommitted to the Committee on Rules -- amended on the special order of third reading, ordered reprinted as amended, retaining its place on the special order of third reading -- ordered to a third reading, amended and ordered reprinted, retaining its place on the order of third reading AN ACT to amend the not-for-profit corporation law and the business corporation law, in relation to cooperative purchase applications The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The not-for-profit corporation law is amended by adding a 2 new section 519-b to read as follows: 3 § 519-b. Residential cooperative corporations; ownership interests. 4 (a) Any residential cooperative corporation incorporated pursuant to 5 this chapter, shall establish uniform processes for applying to and 6 considering applications for the purchase of certificates of stock, a 7 proprietary lease or other evidence of an ownership interest in such 8 residential cooperative corporation. 9 (b) Written notice of such processes shall be made available to any 10 prospective purchasers and prospective sellers, or their respective real 11 estate agents, promptly upon request. 12 (c) At a minimum, such processes shall require the cooperative corpo- 13 ration, upon receiving an application from a prospective purchaser, to 14 acknowledge receipt of such application within twenty-one days and to 15 include in such acknowledgement of receipt whether the application 16 submitted fully satisfies the requirements therefor, the way or ways the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06684-11-0A. 1267--D 2 1 submitted application is incomplete, and any additional materials neces- 2 sary to effectuate consideration of the application. 3 (d) The processes established pursuant to this section shall further 4 require that, following the submission of a completed application and 5 all additional materials requested in the acknowledgement of receipt, 6 the board of directors shall notify the prospective purchaser or their 7 agent that the application is complete. Such notice shall state by what 8 date review of the application will be complete and when the prospective 9 purchaser or their agent will be notified whether consent to the sale is 10 granted or denied. 11 (e) Written notice that consent to the sale has been granted or denied 12 shall be provided to the prospective purchaser no more than ninety days 13 after the submission of a completed application. In the event a sale is 14 denied, such notice shall state the reason for the denial. If no written 15 notice is provided within ninety days, consent to the sale shall be 16 granted. 17 (f) Nothing in this section shall be construed to limit the rights or 18 remedies provided by any other provision of law. 19 § 2. The business corporation law is amended by adding a new section 20 728 to read as follows: 21 § 728. Residential cooperative corporations; ownership interests. 22 (a) Any residential cooperative corporation incorporated pursuant to 23 this chapter, shall establish uniform processes for applying to and 24 considering applications for the purchase of certificates of stock, a 25 proprietary lease or other evidence of an ownership interest in such 26 residential cooperative corporation. 27 (b) Written notice of such processes shall be made available to any 28 prospective purchasers and prospective sellers, or their respective real 29 estate agents, promptly upon request. 30 (c) At a minimum, such processes shall require the cooperative corpo- 31 ration upon receiving an application from a prospective purchaser, to 32 acknowledge receipt of such application and to include in such acknowl- 33 edgement of receipt whether the application submitted fully satisfies 34 the requirements therefor, the way or ways the submitted application is 35 incomplete, and any additional materials necessary to effectuate consid- 36 eration of the application. 37 (d) The processes established pursuant to this section shall further 38 require that, following the submission of a completed application and 39 all additional materials requested in the acknowledgement of receipt, 40 the board of directors shall notify the prospective purchaser or their 41 agent that the application is complete. Such notice shall state by what 42 date review of the application will be complete and when the prospective 43 purchaser or their agent will be notified whether consent to the sale is 44 granted or denied. 45 (e) Written notice that consent to the sale has been granted or denied 46 shall be provided to the prospective purchaser no more than ninety days 47 after the submission of a completed application. In the event a sale is 48 denied, such notice shall state the reason for the denial. If no written 49 notice is provided within ninety days, consent to the sale shall be 50 granted. 51 (f) Nothing in this section shall be construed to limit the rights or 52 remedies provided by any other provision of law. 53 § 3. This act shall take effect on the one hundred twentieth day after 54 it shall have become a law.
