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Senate Bill S314

2011-2012 Legislative Session

Provides for an extension of time to the purchasing period for tenants to purchase a dwelling unit in a cooperative apartment building

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Sponsored By

Archive: Last Bill Status - In Senate Committee Banks Committee

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2011-S314 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
General Business Law
Laws Affected:
Amd ยง352-eeee, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2570
2013-2014: S298
2015-2016: S271
2017-2018: S4912

2011-S314 (ACTIVE) - Summary

Provides for an extension of time to the purchasing period for tenants to purchase a dwelling unit in a cooperative apartment building.

2011-S314 (ACTIVE) - Sponsor Memo

2011-S314 (ACTIVE) - Bill Text download pdf 

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

                                   314

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  Sen.  DIAZ  --  read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community Development

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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01875-01-1

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