Bill Text: NY A03037 | 2017-2018 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Passed) 2017-10-23 - signed chap.343 [A03037 Detail]

Download: New_York-2017-A03037-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         3037--A
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    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:
     1    Section. 1. Paragraph (e) of section 621 of the not-for-profit  corpo-
     2  ration law, as amended by chapter 549 of the laws of 2013, is amended to
     3  read as follows:
     4    (e)  Upon  the  written  request  of  any person who shall have been a
     5  member of record for at least six months immediately  preceding  his  or
     6  her  request, or of any person holding, or thereunto authorized in writ-
     7  ing by the holders of, at  least  five  percent  of  any  class  of  the
     8  outstanding  capital certificates, the corporation shall provide to such
     9  member an annual balance sheet and profit and loss statement or a finan-
    10  cial statement performing a similar function for  the  preceding  fiscal
    11  year,  and,  if  any interim balance sheet or profit and loss or similar
    12  financial statement has been distributed to  its  members  or  otherwise
    13  made available to the public, the most recent such interim balance sheet
    14  or  profit  and  loss  or similar financial statement.   The corporation
    15  shall be allowed a reasonable time to prepare such annual balance  sheet
    16  and  profit  and  loss  or similar financial statement.   Members of any
    17  homeowners association duly filed with the office of the attorney gener-
    18  al shall also be entitled to review,  upon  request  to  the  homeowners
    19  association's  governing board, invoices, ledgers, bank accounts, recon-
    20  ciliations, contracts, and any documents related to the  expenditure  of
    21  homeowners association dues.
    22    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06281-04-7