Assembly Bill A7773

2021-2022 Legislative Session

Requires the board of directors of a cooperative apartment corporation to notify applicants seeking to purchase shares of the corporation of the reason or reasons the board of directors has refused such request

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • 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-A7773 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
General Business Law
Laws Affected:
Add §352-m, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2019-2020: A7512
2023-2024: A1064

2021-A7773 (ACTIVE) - Summary

Requires the board of directors of a cooperative apartment corporation to notify applicants seeking to purchase shares of the corporation of the reason or reasons the board of directors has refused such request.

2021-A7773 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7773
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 21, 2021
                                ___________
 
 Introduced  by  M.  of  A.  BICHOTTE HERMELYN,  DURSO,  GLICK,  EPSTEIN,
   J. RIVERA, TAYLOR, JOYNER, SIMON -- read  once  and  referred  to  the
   Committee on Housing
 
 AN  ACT  to amend the general business law, in relation to requiring the
   board of directors of a cooperative apartment  corporation  to  notify
   applicants seeking to purchase shares of the corporation of the reason
   or reasons the board of directors has refused such request
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general business law is amended by adding a new section
 352-m to read as follows:
   § 352-M. DENIAL OF RIGHT TO PURCHASE SHARES OF  A  COOPERATIVE  CORPO-
 RATION. IN THE EVENT THAT THE BOARD OF DIRECTORS OF A COOPERATIVE CORPO-
 RATION  DENIES  THE  REQUEST  OF AN APPLICANT TO PURCHASE SHARES OF SUCH
 CORPORATION ALLOTTED TO A PARTICULAR DWELLING UNIT, THE BOARD OF  DIREC-
 TORS SHALL NOTIFY SUCH APPLICANT IN WRITING OF THE REASON OR REASONS THE
 BOARD  OF  DIRECTORS HAS DENIED THE REQUEST TO PURCHASE THE SHARES. SUCH
 NOTIFICATION SHALL BE PROVIDED TO THE APPLICANT WITHIN  THIRTY  DAYS  OF
 THE  BOARD'S  DECISION  TO  DENY THE APPLICANT'S REQUEST TO PURCHASE THE
 SHARES.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11324-01-1

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