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

                                  8138

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               May 5, 2009
                               ___________

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

AN ACT to amend the general business law, in relation  to  providing  an
  extension  of  time to the purchasing period for tenants to purchase a
  dwelling unit in a cooperative apartment building

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

  Section  1. Section 352-eeee of the general business law is amended by
adding three new subdivisions 2-a, 2-b and 2-c to read as follows:
  2-A. NOTWITHSTANDING THE TIME PERIODS SET FORTH IN  PARAGRAPH  (A)  OF
SUBDIVISION  TWO  OF THIS SECTION, THE OFFEROR SHALL EXTEND THE PURCHASE
PERIOD FOR AN ADDITIONAL YEAR FROM THE ORIGINAL DATE AND AT THE ORIGINAL
PURCHASE PRICE SET  FORTH  IN  THE  OFFERING  STATEMENT  OR  PROSPECTUS,
REQUIRED BY SUBDIVISION ONE OF SECTION THREE HUNDRED FIFTY-TWO-E OF THIS
ARTICLE,  TO TENANTS INTENDING TO PURCHASE A DWELLING UNIT IN SUCH COOP-
ERATIVE APARTMENT BUILDING WHO HAVE NOT BEEN ABLE TO ACQUIRE THE FINANC-
ING NECESSARY TO MAKE SUCH PURCHASE DURING THE PURCHASE PERIOD  PROVIDED
IN THE INITIAL OFFERING STATEMENT OR PROSPECTUS.
  2-B.  NOTWITHSTANDING  ANY OTHER PROVISION OF LAW TO THE CONTRARY, THE
OFFEROR SHALL NOT REQUIRE A TENANT TO SEEK ANY ADDITIONAL FINANCING UPON
PROOF THAT SUCH TENANT HAS BEEN DENIED FINANCING FROM A FINANCIAL INSTI-
TUTION. SUCH OWNER SHALL RETURN ANY MONIES DEPOSITED BY A TENANT  UNABLE
TO ATTAIN SUCH FINANCING.
  2-C.  NOTWITHSTANDING  ANY OTHER PROVISION OF LAW TO THE CONTRARY, ANY
PURCHASER OF A DWELLING UNIT OR CONDOMINIUM OR OTHER FORM OF COOPERATIVE
INTEREST IN REALTY, SHALL HAVE THE OPTION TO VOID A  PURCHASE  AGREEMENT
IF  THE  OFFEROR REFINANCES A COOPERATIVE BUILDING OR GROUP OF BUILDINGS
OR DEVELOPMENT DURING THE PURCHASE PERIOD.
  S 2. This act shall take effect immediately; provided,  however,  that
the  amendments  made to section 352-eeee of the general business law by
section one of this act shall not affect the expiration of such  section
and shall be deemed to expire therewith.

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

                                                           LBD09540-01-9