senate Bill S2540

2017-2018 Legislative Session

Requires applications to purchase condominiums or cooperatives to be acted upon within forty-five days, failure to do so results in automatic approval

download bill text pdf

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Archive: Last Bill Status - In Senate Committee Judiciary Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to judiciary
Jan 13, 2017 referred to judiciary

S2540 (ACTIVE) - Details

See Assembly Version of this Bill:
A7111
Current Committee:
Senate Judiciary
Law Section:
Real Property Law
Laws Affected:
Add Art 11 §§360 - 364, RP L
Versions Introduced in Other Legislative Sessions:
2009-2010: A10731
2011-2012: A2163
2013-2014: A2556
2015-2016: S5644, A1120

S2540 (ACTIVE) - Summary

Requires applications to purchase condominiums or cooperatives to be acted upon within forty-five days; failure to do so results in automatic approval.

S2540 (ACTIVE) - Sponsor Memo

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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