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Assembly Bill A607

2009-2010 Legislative Session

Requires real estate syndication offering to show property use is legal and authorized by applicable local law

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Archive: Last Bill Status - In Senate Committee Judiciary Committee

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2009-A607 (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
General Business Law
Laws Affected:
Amd ยง352-e, Gen Bus L

2009-A607 (ACTIVE) - Summary

Provides that the attorney general shall refuse to issue a letter stating that a real estate syndication offering has been filed unless such statement, prospectus or plan shows that the use for which the property is offered is legal and authorized by applicable local building and health laws and regulations.

2009-A607 (ACTIVE) - Bill Text download pdf 

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

                                   607

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
  tee on Judiciary

AN  ACT  to  amend  the general business law, in relation to real estate
  syndication offerings

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

  Section  1. Subdivision 1 of section 352-e of the general business law
is amended by adding a new paragraph (d) to read as follows:
  (D) THE ATTORNEY GENERAL SHALL REFUSE TO ISSUE A LETTER  STATING  THAT
THE OFFERING HAS BEEN FILED UNLESS THE OFFERING STATEMENT, PROSPECTUS OR
PLAN  PROVIDES  THAT FOR UNOCCUPIED DWELLINGS AT THE TIME OCCUPANCY DOES
COMMENCE OR FOR AN OCCUPIED DWELLING AT THE TIME THE  PLAN  IS  ACCEPTED
FOR  FILING  THE  USE  FOR WHICH THE PROPERTY, AND EACH PART THEREOF, IS
OFFERED WILL BE LEGAL AND AUTHORIZED BY APPLICABLE LOCAL ZONING,  BUILD-
ING  AND HEALTH LAWS AND REGULATIONS, INCLUDING THE TERMS OF ANY CERTIF-
ICATE OF OCCUPANCY ISSUED BY THE LOCALITY. THE PROVISIONS OF THIS  PARA-
GRAPH  SHALL  NOT  APPLY  TO  PLANS  SUBMITTED PURSUANT TO SECTION THREE
HUNDRED FIFTY-TWO-EE OF THIS ARTICLE.
  S 2. This act shall take effect immediately and  shall  apply  to  all
offering  statements,  prospectuses  and plans to which paragraph (d) of
subdivision 1 of section 352-e of the general business law, as added  by
section one of this act, apply which are not yet accepted for filing.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02586-01-9

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