Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 30, 2010 |
signed chap.420 |
Aug 18, 2010 |
delivered to governor |
Jun 09, 2010 |
returned to assembly passed senate |
May 27, 2010 |
3rd reading cal.605 substituted for s4403 |
Feb 01, 2010 |
referred to housing, construction and community development delivered to senate passed assembly |
Jan 06, 2010 |
ordered to third reading cal.51 returned to assembly died in senate |
Jul 16, 2009 |
committed to rules |
Jun 04, 2009 |
3rd reading cal.515 substituted for s4403 |
May 27, 2010 |
substituted by a620 |
May 26, 2010 |
advanced to third reading |
May 25, 2010 |
2nd report cal. |
May 24, 2010 |
1st report cal.605 |
Jan 06, 2010 |
referred to housing, construction and community development |
Jun 04, 2009 |
substituted by a620 |
Jun 03, 2009 |
advanced to third reading |
Jun 02, 2009 |
2nd report cal. |
Jun 01, 2009 |
1st report cal.515 |
Apr 22, 2009 |
referred to housing, construction and community development |
Senate Bill S4403
Signed By Governor2009-2010 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status Via A620 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
(D, IP) Senate District
2009-S4403 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A620
- Law Section:
- General Business Law
- Laws Affected:
- Amd ยง352-e, Gen Bus L
2009-S4403 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4403 TITLE OF BILL : An act to amend the general business law, in relation to notification of cooperative or condominium self-dealing contract termination PURPOSE : Provides for notification of a cooperative tenant shareholder's or condominium owner's right to terminate a self-dealing contract under federal law. SUMMARY OF PROVISIONS : Adds a new subdivision 2-d to section 352-e of the General Business Law to define "self-dealing contract" and require sponsors of co-op or condominium conversions to notify tenant shareholders or unit owners entitled to terminate such contracts pursuant to the Condominium and Cooperative Abuse Act, 15 U.C.C. 3607, in writing within 30 days of the date that the right commences and at least 60 days before the right expires. JUSTIFICATION : The Condominium and Cooperative Abuse Relief Act of 1980, 15 U.C.C. 3607, permits shareholders and unit owners to terminate self-dealing or so-called "sweetheart" contracts within two years after the sponsor loses "special developer control" Because the statute does not contain a notice provision, in many instances the time to attack the contracts
2009-S4403 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4403 2009-2010 Regular Sessions I N S E N A T E April 22, 2009 ___________ Introduced by Sen. SQUADRON -- 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 notification of cooperative or condominium self-dealing contract termination THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 352-e of the general business law is amended by adding a new subdivision 2-d to read as follows: 2-D. (A) FOR THE PURPOSES OF THIS SUBDIVISION THE TERM "SELF-DEALING CONTRACT" SHALL BE DEFINED AS ANY CONTRACT OR PORTION THEREOF WHICH IS ENTERED INTO AFTER OCTOBER EIGHTH, NINETEEN HUNDRED EIGHTY, AND WHICH: (I) PROVIDES FOR OPERATION, MAINTENANCE, OR MANAGEMENT OF A CONDOMIN- IUM OR COOPERATIVE ASSOCIATION IN A CONVERSION PROJECT, OR OF PROPERTY SERVING THE CONDOMINIUM OR COOPERATIVE UNIT OWNERS IN SUCH PROJECTS; (II) IS BETWEEN SUCH UNIT OWNERS OR SUCH ASSOCIATION AND THE DEVELOPER OR AN AFFILIATE OF THE DEVELOPER; (III) WAS ENTERED INTO WHILE SUCH ASSOCIATION WAS CONTROLLED BY THE DEVELOPER THROUGH SPECIAL DEVELOPER CONTROL OR BECAUSE THE DEVELOPER HELD A MAJORITY OF THE VOTES IN SUCH ASSOCIATION; (IV) IS FOR A PERIOD OF MORE THAN THREE YEARS, INCLUDING ANY AUTOMATIC RENEWAL PROVISIONS WHICH ARE EXERCISABLE AT THE SOLE OPTION OF THE DEVELOPER OR AN AFFILIATE OF THE DEVELOPER; AND (V) MAY NOT BE TERMINATED WITHOUT PENALTY BY SUCH UNIT OWNERS OR SUCH ASSOCIATION. (B) IN THE CASE OF OFFERINGS OF COOPERATIVES, CONDOMINIUMS OR OTHER INTERESTS IN REALTY COVERED BY THE PROVISIONS OF SECTION SIX HUNDRED EIGHT OF THE CONDOMINIUM AND COOPERATIVE ABUSE RELIEF ACT OF 1980, 15 U.S.C. 3607, THE ATTORNEY GENERAL SHALL REFUSE TO ISSUE A LETTER OF ACCEPTANCE UNLESS THE OFFERING STATEMENT, PROSPECTUS OR PLAN PROVIDES THAT THE TENANT SHAREHOLDERS OR OWNERS ENTITLED TO VOTE TO TERMINATE A EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00485-01-9
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