senate Bill S3381

2013-2014 Legislative Session

Establishes certain rights for shareholders in limited-profit housing companies

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to housing, construction and community development
Feb 01, 2013 referred to housing, construction and community development

S3381 - Details

Current Committee:
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §12, add §13-c, Priv Hous Fin L
Versions Introduced in 2011-2012 Legislative Session:
S7076

S3381 - Summary

Establishes certain rights for shareholders in limited-profit housing companies.

S3381 - Sponsor Memo

S3381 - Bill Text download pdf

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

                                  3381

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 1, 2013
                               ___________

Introduced  by  Sen. HASSELL-THOMPSON -- 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 private housing finance law, in relation to estab-
  lishing certain rights  for  shareholders  in  limited-profit  housing
  companies

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

  Section 1. Section 12 of the private housing finance law is amended by
adding a new subdivision 17 to read as follows:
  17. "SHAREHOLDER." A TENANT ENTITLED TO  OCCUPANCY  IN  A  PROJECT  BY
REASON OF OWNERSHIP OF SHARES IN A COMPANY.
  S  2.  The  private  housing  finance  law  is amended by adding a new
section 13-c to read as follows:
  S 13-C. RIGHTS OF SHAREHOLDERS. 1. NEW AND EXISTING SHAREHOLDERS SHALL
RECEIVE THE FOLLOWING INFORMATION:
  (A) AN INITIAL BANK STATEMENT FROM THE COMPANY REFLECTING  THE  AMOUNT
OF  THE  SUBSCRIPTION  OR DOWN PAYMENT INCLUDING, BUT NOT LIMITED TO THE
NAME OF THE BANK, THE TYPE OF BANK ACCOUNT AND THE PROJECTED  PER  ANNUM
INTEREST RATE;
  (B) FOR EACH YEAR OF TENANCY, SHAREHOLDERS SHALL RECEIVE A BANK STATE-
MENT REFLECTING THE AMOUNT OF EQUITY IN THEIR BANK ACCOUNTS;
  (C) A COPY AND SYNOPSIS OF THE NEW YORK STATE REAL ESTATE LAWS GOVERN-
ING  THE  MANAGEMENT  AND  DISTRIBUTION  OF SHAREHOLDERS' EQUITY AND THE
ACCRUED EQUITY VALUE FOR COOPERATIVE APARTMENT UNITS.  SUCH  INFORMATION
SHALL BE PRESENTED IN STRAIGHTFORWARD, EASILY COMPREHENSIBLE LANGUAGE;
  (D)  DETAILED  INFORMATION  OUTLINING THE PROCESS, POLICIES AND PROCE-
DURES FOR SURRENDERING THE APARTMENT  UNIT  INCLUDING  TIME  FRAMES  FOR
NOTIFYING  MANAGEMENT,  SHAREHOLDERS'  OBLIGATIONS,  MANAGEMENT'S  OBLI-
GATIONS, A PUNCH LIST FOR  REQUIRED  SATISFACTORY  CONDITIONS  FOR  EACH

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02799-01-3

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