Bill Text: NY S04912 | 2017-2018 | General Assembly | Introduced
Bill Title: Provides for an extension of time to the purchasing period for tenants to purchase a dwelling unit in a cooperative apartment building.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2017-03-03 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S04912 Detail]
Download: New_York-2017-S04912-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4912 2017-2018 Regular Sessions IN SENATE March 3, 2017 ___________ Introduced by Sens. DIAZ, DILAN -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development 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 two new subdivisions 2-a and 2-b to read as follows: 3 2-a. Provided that a plan has not been deemed to be abandoned, void 4 and not in effect as described in paragraph a of subdivision two of this 5 section, an offeror shall extend the purchase period for an additional 6 year from the original date set forth in the offering statement or pros- 7 pectus, required by subdivision one of section three hundred fifty-two-e 8 of this article, to tenants intending to purchase a dwelling unit in 9 such cooperative apartment building who have not been able to acquire 10 the financing necessary to make such purchase during the purchase period 11 provided 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 two independent 15 financial institutions. Such owner shall return any monies deposited by 16 a tenant unable to attain such financing. 17 § 2. This act shall take effect immediately; provided, however, that 18 the amendments made to section 352-eeee of the general business law by 19 section one of this act shall not affect the expiration of such section 20 and shall be deemed to expire therewith. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06678-01-7
