senate Bill S6522B

Relates to the definition of private transfer fee obligations

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 21 / Feb / 2012
    • REFERRED TO JUDICIARY
  • 08 / Mar / 2012
    • AMEND AND RECOMMIT TO JUDICIARY
  • 08 / Mar / 2012
    • PRINT NUMBER 6522A
  • 04 / Apr / 2012
    • AMEND AND RECOMMIT TO JUDICIARY
  • 04 / Apr / 2012
    • PRINT NUMBER 6522B
  • 31 / May / 2012
    • 1ST REPORT CAL.985
  • 04 / Jun / 2012
    • 2ND REPORT CAL.
  • 05 / Jun / 2012
    • ADVANCED TO THIRD READING
  • 20 / Jun / 2012
    • SUBSTITUTED BY A9390B

Summary

Relates to the definition of private transfer fee obligations.

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Bill Details

See Assembly Version of this Bill:
A9390B
Versions:
S6522
S6522A
S6522B
Legislative Cycle:
2011-2012
Law Section:
Real Property Law
Laws Affected:
Amd ยงยง472 & 473, RP L

Sponsor Memo

BILL NUMBER:S6522B

TITLE OF BILL:
An act
to amend the real property law, in relation to definitions of private
transfer fee obligations

PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this bill is to make technical amendments to Chapter
522 of the Laws of 2011 to ensure proper implementation of the intent
the law.

SUMMARY OF SPECIFIC PROVISIONS:
The bill would add language conforming to regulations in the private
housing finance law to the "private transfer fee obligation act."

JUSTIFICATION:
Profit sharing occurs when government housing departments create
affordable housing cooperatives, and therefore shares a portion of
the tax on re-sales of the units within these cooperatives. This
language includes the entities left out of the original language that
do not technically qualify as covenant as previously defined in the
bill.

PRIOR LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None.

EFFECTIVE DATE:
This bill shall be deemed to have been in full force and effect on and
after September 23, 2011.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6522--B

                            I N  S E N A T E

                            February 21, 2012
                               ___________

Introduced  by  Sen.  LIBOUS -- read twice and ordered printed, and when
  printed to be committed to the Committee  on  Judiciary  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to  said  committee  --  committee  discharged,  bill amended, ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the real property law, in  relation  to  definitions  of
  private transfer fee obligations

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 2 of section 472 of the real  property  law  is
amended  by  adding  three  new  paragraphs  (j), (k) and (l) to read as
follows:
  (J) ANY FEE, CHARGE OR ASSESSMENT  PAYABLE  BY  THE  TRANSFEREE  TO  A
CORPORATION  OR  COMPANY  FORMED PURSUANT TO THE PRIVATE HOUSING FINANCE
LAW.
  (K) ANY FEE, CHARGE OR ASSESSMENT  PAYABLE  BY  THE  TRANSFEREE  TO  A
CORPORATION  OR  COMPANY THAT HAS RECEIVED A LOAN OR SUBSIDY PURSUANT TO
THE PRIVATE HOUSING FINANCE LAW OR GENERAL MUNICIPAL LAW.
  (L) ANY AMOUNTS PAYABLE TO A GOVERNMENT ENTITY.
  S 2. Paragraph (g) of subdivision 2 of section 472 of the real proper-
ty law, as added by chapter 522 of the laws of 2011, is amended to  read
as follows:
  (g)  Any  fee,  charge, assessment, fine, or other amount payable to a
homeowners', condominium, cooperative, mobile home, or property  owners'
association  pursuant  to  a  declaration  [or],  covenant, DULY ADOPTED
BY-LAW, PROPRIETARY LEASE or law applicable to such association, includ-
ing, but not limited to, fees or charges payable for estoppel letters or
certificates issued by the  association  or  its  authorized  agent.  No
amount  shall be paid to a homeowners', condominium, cooperative, mobile
home, or property owners' association for the payment to  the  declarant
of  the condominium or the creator of a homeowners', cooperative, mobile
home or property owners' association, or their designee.
  S 3. Section 473 of the real property law, as added by chapter 522  of
the laws of 2011, is amended to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14661-05-2

S. 6522--B                          2

  S  473.  Prohibition.  A  private  transfer fee obligation recorded or
entered into in this state on  or  after  the  effective  date  of  this
section  does not run with the land and is not binding on or enforceable
at law or in equity against any owner, purchaser, or  mortgagee  of  any
interest  in  real  property as an equitable servitude or otherwise. Any
private transfer fee obligation that is recorded or entered into in this
state on or after the effective date of this section is void  and  unen-
forceable.  This section shall not apply to a private transfer fee obli-
gation recorded or entered into prior to  the  effective  date  of  this
section.  This  section  shall  not  be deemed to require that a private
transfer fee obligation recorded, filed or entered into  in  this  state
before the effective date of this section is presumed valid and enforce-
able. It is the public policy of this state that no private transfer fee
obligation shall be valid or enforceable whenever entered into, recorded
or  filed.  Furthermore,  this  article  shall  not validate any private
transfer fee agreement that is contrary to the [laws] LAW of this state.
  S 4. This act shall take effect immediately and  shall  be  deemed  to
have been in full force and effect on and after September 23, 2011.

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