Bill Text: NY S07604 | 2013-2014 | General Assembly | Introduced

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Bill Title: Relates to filing requirements relating to the sale of certain non-public real estate securities offerings.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-05-15 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S07604 Detail]

Download: New_York-2013-S07604-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7604
                                   I N  S E N A T E
                                     May 15, 2014
                                      ___________
       Introduced  by  Sen. HOYLMAN -- 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 filing require-
         ments  relating  to the sale of certain non-public real estate securi-
         ties offerings
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Paragraph  (a)  of  subdivision 1 of section 352-e of the
    2  general business law, as amended by chapter 1085 of the laws of 1968, is
    3  amended to read as follows:
    4    (a) It shall be illegal and prohibited for  any  person,  partnership,
    5  corporation,  company,  trust  or  association, or any agent or employee
    6  thereof, to make or take part in a public OR NON-PUBLIC offering or sale
    7  in or from the state of New York of securities  constituted  of  partic-
    8  ipation  interests  or  investments in real estate, mortgages or leases,
    9  including stocks, bonds, debentures, evidences of  interest  or  indebt-
   10  edness, limited partnership interests or other security or securities as
   11  defined  in  section  three hundred fifty-two of this article, when such
   12  securities consist primarily of participation interests  or  investments
   13  in  one or more real estate ventures, including cooperative interests in
   14  realty, unless and until there shall have been filed with the department
   15  of law, prior to such offering, a written statement or statements, to be
   16  known as an "offering statement" or "prospectus" concerning the  contem-
   17  plated  offering which shall contain the information and representations
   18  required by paragraph (b) of this subdivision unless the security offer-
   19  ing is exempted hereunder or under  SUBDIVISION  TWO  OF  section  three
   20  hundred  fifty-nine-f[,  subdivision  two,]  of  this article by rule or
   21  action of the attorney general. The term "real estate" as used in  [the]
   22  THIS  paragraph shall not include mineral, oil or timber leases or prop-
   23  erties, or buildings,  structures,  land  or  other  realty  housing  or
   24  containing  business offices or industry, owned or leased by the issuer,
   25  where the issuer is not primarily engaged in the business of buying  and
   26  selling  such  building  or other realty or leases or interests therein.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11729-01-3
       S. 7604                             2
    1  The circulation or dissemination of a non-firm offer  (including  circu-
    2  lation  or dissemination of a preliminary prospectus pursuant to section
    3  ten (b) of the securities act of nineteen hundred thirty-three, and  the
    4  rules  thereto  appertaining) shall not constitute making or taking part
    5  in a public offering within the meaning of this section.
    6    S 2. This act shall take effect immediately.