|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 03, 2018||referred to judiciary|
|Jan 13, 2017||referred to judiciary|
senate Bill S2540
Archive: Last Bill Status - In Senate Committee Judiciary Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2540 (ACTIVE) - Details
S2540 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2540 TITLE OF BILL : An act to amend the real property law, in relation to cooperative purchase applications PURPOSE : This bill would ensure that the process of purchasing cooperative housing is fair, transparent and does the utmost to protect against illegal discrimination. SUMMARY OF PROVISIONS : Section 1 amends the Real Property Law by adding a new article II that will increase the transparency of the Cooperative purchase process to the benefit of all parties involved in the transaction. EXISTING LAW : There is currently no law to specifically safeguard cooperative purchasers from illegal discrimination. JUSTIFICATION :
S2540 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2540 2017-2018 Regular Sessions I N S E N A T E January 13, 2017 ___________ Introduced by Sen. HANNON -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the real property law, in relation to cooperative purchase applications THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Legislative findings. The legislature hereby finds and declares that residential cooperative purchasers are subject to proc- esses and conditions that do not also apply to purchasers of other single family residences. The legislature also finds that these proc- esses and conditions, at a minimum, give the appearance and have the potential to be misused to illegally discriminate against a purchaser of cooperative housing. Because this state strongly opposes all illegal discrimination and promotes fair housing laws and regulations, it is essential that the process for purchasing a cooperative dwelling include additional safeguards to protect against illegal discrimination. This act is not intended and does not diminish the duty of cooperative boards to uphold their established fiduciary duties. This act will significant- ly improve the transparency of the cooperative purchase process to the benefit of all parties involved in the transaction. § 2. The real property law is amended by adding a new article 11 to read as follows: ARTICLE 11 COOPERATIVE PURCHASE APPLICATIONS SECTION 360. SHORT TITLE. 361. DEFINITIONS. 362. PURCHASE APPLICATIONS. 363. ACTION UPON APPLICATIONS. 364. PUBLIC POLICY. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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