Bill Text: NY A01446 | 2019-2020 | General Assembly | Introduced

New York Assembly Bill 1446 (Prior Session Legislation)

Introduced

Bill Title: Relates to the disclosure of information on the fiscal health of a condominium, cooperative apartment building or cooperative community to prospective buyers, current owners and the condominium board or the cooperative board.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - referred to housing [A01446 Detail]

Download: New_York-2019-A01446-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          1446
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 15, 2019
                                       ___________
        Introduced  by  M.  of  A. L. ROSENTHAL -- read once and referred to the
          Committee on Housing
        AN ACT to amend the real property law, in relation to the disclosure  of
          information  on the fiscal health of a condominium, cooperative apart-
          ment building or cooperative community to prospective buyers,  current
          owners and the condominium board or the cooperative board
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Sections 339-gg, 339-hh and 339-ii of the real property law
     2  are renumbered sections 339-ll, 339-mm and  339-nn  and  a  new  section
     3  339-gg is added to read as follows:
     4    §  339-gg.  Auditors report. 1. Upon discovery of any written document
     5  or any other form of evidence which would materially impact an auditor's
     6  professional findings about the fiscal health of a condominium,  cooper-
     7  ative  apartment  building  or  cooperative community, the auditor shall
     8  disclose such finding to prospective  buyers,  current  owners  and  the
     9  condominium board or the cooperative board.
    10    2.  Disclosure shall be made in written form and shall be delivered to
    11  the prospective buyer or buyers within a reasonable time  after  discov-
    12  ery.
    13    3.  Upon  written  demand  by  prospective buyers, current owners, the
    14  condominium board or the cooperative board, the auditor shall provide  a
    15  copy of the completed report within a reasonable time after such request
    16  is made.
    17    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02512-01-9