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Assembly Bill A5552

2015-2016 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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Archive: Last Bill Status - On Floor Calendar

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2015-A5552 (ACTIVE) - Details

See Senate Version of this Bill:
S271
Law Section:
General Business Law
Laws Affected:
Amd ยง352-eeee, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2570
2011-2012: S314
2013-2014: A3170, S298
2017-2018: A2732, S4912

2015-A5552 (ACTIVE) - Summary

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

2015-A5552 (ACTIVE) - Bill Text download pdf 

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

                                  5552

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 27, 2015
                               ___________

Introduced  by  M.  of  A.  SEPULVEDA  --  read once and referred to the
  Committee 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 two new subdivisions 2-a and 2-b to read as follows:
  2-A. PROVIDED THAT A PLAN HAS NOT BEEN DEEMED TO  BE  ABANDONED,  VOID
AND NOT IN EFFECT AS DESCRIBED IN PARAGRAPH A OF SUBDIVISION TWO OF THIS
SECTION,  AN  OFFEROR SHALL EXTEND THE PURCHASE PERIOD FOR AN ADDITIONAL
YEAR FROM THE ORIGINAL DATE SET FORTH IN THE OFFERING STATEMENT OR PROS-
PECTUS, REQUIRED BY SUBDIVISION ONE OF SECTION THREE HUNDRED FIFTY-TWO-E
OF THIS ARTICLE, TO TENANTS INTENDING TO PURCHASE  A  DWELLING  UNIT  IN
SUCH  COOPERATIVE  APARTMENT  BUILDING WHO HAVE NOT BEEN ABLE TO ACQUIRE
THE FINANCING 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 TWO INDEPENDENT
FINANCIAL INSTITUTIONS. SUCH OWNER SHALL RETURN ANY MONIES DEPOSITED  BY
A TENANT UNABLE TO ATTAIN SUCH FINANCING.
  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.
                                                           LBD00343-01-5

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