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Assembly Bill A2241

2017-2018 Legislative Session

Relates to the disclosure of information on the fiscal health of a condominium, cooperative apartment building or cooperative community

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Archive: Last Bill Status - In Assembly Committee

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2017-A2241 (ACTIVE) - Details

Current Committee:
Assembly Rules
Law Section:
Real Property Law
Laws Affected:
Ren §§339-gg, 339-hh & 339-ii to be §§339-ll, 339-mm & 339-nn, add §339-gg, RP L
Versions Introduced in Other Legislative Sessions:
2011-2012: A10362
2013-2014: A895
2015-2016: A543
2019-2020: A1446
2021-2022: A3263
2023-2024: A884
2025-2026: A3169

2017-A2241 (ACTIVE) - Summary

Relates to the disclosure of information on the fiscal health of a condominium, cooperative apartment building or cooperative community to prospective buyers, current owners and the condominium board or the cooperative board.

2017-A2241 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2241
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2017
                                ___________
 
 Introduced  by  M.  of  A.  ROSENTHAL  --  read once and referred to the
   Committee on Real Property Taxation
 
 AN ACT to amend the real property law, in relation to the disclosure  of
   information  on the fiscal health of a condominium, cooperative apart-
   ment building or cooperative community to prospective buyers,  current
   owners and the condominium board or the cooperative board
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Sections 339-gg, 339-hh and 339-ii of the real property law
 are renumbered sections 339-ll, 339-mm and  339-nn  and  a  new  section
 339-gg is added to read as follows:
   §  339-GG.  AUDITORS REPORT. 1. UPON DISCOVERY OF ANY WRITTEN DOCUMENT
 OR ANY OTHER FORM OF EVIDENCE WHICH WOULD MATERIALLY IMPACT AN AUDITOR'S
 PROFESSIONAL FINDINGS ABOUT THE FISCAL HEALTH OF A CONDOMINIUM,  COOPER-
 ATIVE  APARTMENT  BUILDING  OR  COOPERATIVE COMMUNITY, THE AUDITOR SHALL
 DISCLOSE SUCH FINDING TO PROSPECTIVE  BUYERS,  CURRENT  OWNERS  AND  THE
 CONDOMINIUM BOARD OR THE COOPERATIVE BOARD.
   2.  DISCLOSURE SHALL BE MADE IN WRITTEN FORM AND SHALL BE DELIVERED TO
 THE PROSPECTIVE BUYER OR BUYERS WITHIN A REASONABLE TIME  AFTER  DISCOV-
 ERY.
   3.  UPON  WRITTEN  DEMAND  BY  PROSPECTIVE BUYERS, CURRENT OWNERS, THE
 CONDOMINIUM BOARD OR THE COOPERATIVE BOARD, THE AUDITOR SHALL PROVIDE  A
 COPY OF THE COMPLETED REPORT WITHIN A REASONABLE TIME AFTER SUCH REQUEST
 IS MADE.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05368-01-7

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