Bill Text: NY A06004 | 2009-2010 | General Assembly | Introduced

New York Assembly Bill 6004 (Prior Session Legislation)

Introduced

Bill Title: An act to amend the general business law, in relation to providing an extension of time to the purchasing period for tenants to purchase a dwelling unit in a cooperative apartment building

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2009-05-04 - enacting clause stricken [A06004 Detail]

Download: New_York-2009-A06004-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 2570                                                  A. 6004
                              2009-2010 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                   February 24, 2009
                                      ___________
       IN  SENATE -- Introduced by Sen. DIAZ -- read twice and ordered printed,
         and when  printed  to  be  committed  to  the  Committee  on  Housing,
         Construction and Community Development
       IN  ASSEMBLY -- Introduced by M. of A. DIAZ -- read once and referred to
         the Committee on Housing
       AN ACT to amend the general business law, in relation  to  providing  an
         extension  of  time to the purchasing period for tenants to purchase a
         dwelling unit in a cooperative apartment building
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. Section 352-eeee of the general business law is amended by
    2  adding three new subdivisions 2-a, 2-b and 2-c to read as follows:
    3    2-A. NOTWITHSTANDING THE TIME PERIODS SET FORTH IN  PARAGRAPH  (A)  OF
    4  SUBDIVISION  TWO  OF THIS SECTION, THE OFFEROR SHALL EXTEND THE PURCHASE
    5  PERIOD FOR AN ADDITIONAL YEAR FROM THE ORIGINAL DATE AND AT THE ORIGINAL
    6  PURCHASE PRICE SET  FORTH  IN  THE  OFFERING  STATEMENT  OR  PROSPECTUS,
    7  REQUIRED BY SUBDIVISION ONE OF SECTION THREE HUNDRED FIFTY-TWO-E OF THIS
    8  ARTICLE,  TO TENANTS INTENDING TO PURCHASE A DWELLING UNIT IN SUCH COOP-
    9  ERATIVE APARTMENT BUILDING WHO HAVE NOT BEEN ABLE TO ACQUIRE THE FINANC-
   10  ING NECESSARY TO MAKE SUCH PURCHASE DURING THE PURCHASE PERIOD  PROVIDED
   11  IN THE INITIAL OFFERING STATEMENT OR PROSPECTUS.
   12    2-B.  NOTWITHSTANDING  ANY OTHER PROVISION OF LAW TO THE CONTRARY, THE
   13  OFFEROR SHALL NOT REQUIRE A TENANT TO SEEK ANY ADDITIONAL FINANCING UPON
   14  PROOF THAT SUCH TENANT HAS BEEN DENIED FINANCING FROM A FINANCIAL INSTI-
   15  TUTION. SUCH OWNER SHALL RETURN ANY MONIES DEPOSITED BY A TENANT  UNABLE
   16  TO ATTAIN SUCH FINANCING.
   17    2-C.  NOTWITHSTANDING  ANY OTHER PROVISION OF LAW TO THE CONTRARY, ANY
   18  PURCHASER OF A DWELLING UNIT OR CONDOMINIUM OR OTHER FORM OF COOPERATIVE
   19  INTEREST IN REALTY, SHALL HAVE THE OPTION TO VOID A  PURCHASE  AGREEMENT
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09540-01-9
       S. 2570                             2                            A. 6004
    1  IF  THE  OFFEROR REFINANCES A COOPERATIVE BUILDING OR GROUP OF BUILDINGS
    2  OR DEVELOPMENT DURING THE PURCHASE PERIOD.
    3    S  2.  This act shall take effect immediately; provided, however, that
    4  the amendments made to section 352-eeee of the general business  law  by
    5  section  one of this act shall not affect the expiration of such section
    6  and shall be deemed to expire therewith.