Assembly Bill A7671

Signed By Governor
2021-2022 Legislative Session

Relates to tenant-cooperator shares of mutual company holdings

download bill text pdf

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Archive: Last Bill Status - 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

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2021-A7671 (ACTIVE) - Details

See Senate Version of this Bill:
S7026
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §31-a, add §31-c, Priv Hous Fin L

2021-A7671 (ACTIVE) - Summary

Enables a current tenant-cooperator of certain housing companies, entitled to occupancy by reason of ownership of shares in such housing company, to apply all or a portion of the value of his or her holdings and equity in the housing company toward any consideration required to be paid for shares which would entitle the resident to the occupancy of another unit owned and operated by the housing company.

2021-A7671 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7671
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 19, 2021
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Housing
 
 AN ACT to amend the private housing finance  law,  in  relation  to  the
   application of tenant-cooperator shares of mutual company holdings
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 31-a of the private housing finance law is  amended
 by adding a new subdivision (f) to read as follows:
   (F)  A MUTUAL COMPANY SHALL PROVIDE, UPON REQUEST OF A TENANT-COOPERA-
 TOR, A WRITTEN STATEMENT PROVIDING THE CURRENT  VALUE  OF  SUCH  TENANT-
 COOPERATOR'S SHARES AND EQUITY IN SUCH MUTUAL COMPANY;
   §  2.  The  private  housing  finance  law  is amended by adding a new
 section 31-c to read as follows:
   § 31-C. TENANT-COOPERATORS; APPLICATION  OF  SHARES.    1.  NO  MUTUAL
 COMPANY  SHALL  REQUIRE A CURRENT TENANT-COOPERATOR TO USE CASH, LOAN OR
 MORTGAGE TO MAKE AN INITIAL PAYMENT FOR SHARES THAT  WOULD  ENTITLE  THE
 TENANT-COOPERATOR  TO  OCCUPANCY  UPON TRANSFER TO ANOTHER DWELLING UNIT
 WITHIN THE MUTUAL COMPANY'S FACILITIES, BUT INSTEAD, SUBJECT TO SUBDIVI-
 SION TWO OF THIS SECTION, SHALL FIRST ALLOW  THE  TENANT-COOPERATOR  THE
 OPTION  TO APPLY THE VALUE OF HIS OR HER SHARES AND EQUITY IN THE MUTUAL
 COMPANY TOWARD ANY CONSIDERATION REQUIRED TO BE PAID FOR SUCH SHARES.
   2. WITHIN ONE HUNDRED EIGHTY  DAYS  OF  THE  EFFECTIVE  DATE  OF  THIS
 SECTION,  THE  COMMISSIONER  AND THE SUPERVISING AGENCY, AS THE CASE MAY
 BE, SHALL EACH PROMULGATE REGULATIONS AUTHORIZING A CURRENT TENANT-COOP-
 ERATOR, ENTITLED TO OCCUPANCY BY REASON OF OWNERSHIP OF SHARES  IN  SUCH
 MUTUAL  COMPANY,  TO  APPLY  ALL OR A PORTION OF THE VALUE OF HIS OR HER
 SHARES AND  EQUITY  IN  THE  MUTUAL  COMPANY  TOWARD  ANY  CONSIDERATION
 REQUIRED TO BE PAID FOR SHARES WHICH WOULD ENTITLE THE TENANT-COOPERATOR
 TO  OCCUPANCY  OF ANOTHER UNIT OWNED AND OPERATED BY THE MUTUAL COMPANY,
 REGARDLESS OF THE SALE OF THE TENANT-COOPERATOR'S CURRENT SHARES IN SUCH
 MUTUAL COMPANY, BUT SUBJECT TO SUCH OTHER CHARGES DUE AND OWING  TO  THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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