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Assembly Bill A560

2015-2016 Legislative Session

Initiates a four year moratorium on privatization voting by Mitchell-Lama building shareholders

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Archive: Last Bill Status - In Assembly Committee

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2015-A560 (ACTIVE) - Details

See Senate Version of this Bill:
S3590
Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง35, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: A11156
2011-2012: A1467, S3258
2013-2014: A700, S1830
2017-2018: A3199, S2338
2019-2020: A1105
2021-2022: A542
2023-2024: A389
2025-2026: A802

2015-A560 (ACTIVE) - Summary

Initiates a four year moratorium on privatization voting by Mitchell-Lama building shareholders between failed dissolution votes.

2015-A560 (ACTIVE) - Bill Text download pdf 

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

                                   560

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced  by  M.  of  A.  ROSENTHAL  --  read once and referred to the
  Committee on Housing

AN ACT to amend the private housing finance law, in relation to initiat-
  ing a four-year moratorium on privatization  voting  by  Mitchell-Lama
  building shareholders

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

  Section 1. Section 35 of the private housing finance law is amended by
adding a new subdivision 5 to read as follows:
  5. (A) IN THE EVENT OF A FAILED VOLUNTARY DISSOLUTION VOTE BY A COMPA-
NY SUBJECT TO THIS ARTICLE, THERE SHALL BE  A  FOUR-YEAR  MORATORIUM  ON
VOLUNTARY DISSOLUTION VOTING BY SUCH COMPANY.
  (B) ANY CITY, TOWN OR VILLAGE MAY ENACT LOCAL LAWS, ORDINANCES, RESOL-
UTIONS  OR  REGULATIONS NOT LESS RESTRICTIVE THAN THOSE PROVIDED IN THIS
SUBDIVISION.
  (C) THE PROVISIONS OF THIS SUBDIVISION SHALL NOT DIMINISH THE REQUIRE-
MENTS OF ANY OTHER LAW WHICH MAY APPLY TO SUCH ACTION.
  S 2. This act shall take effect on the ninetieth day  after  it  shall
have become a law.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04010-01-5

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