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Senate Bill S4912

2017-2018 Legislative Session

Relates to dwelling units in a cooperative apartment building

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Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee

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2017-S4912 (ACTIVE) - Details

See Assembly Version of this Bill:
A2732
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
General Business Law
Laws Affected:
Amd §352-eeee, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2570
2011-2012: S314
2013-2014: S298, A3170
2015-2016: S271, A5552

2017-S4912 (ACTIVE) - Summary

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

2017-S4912 (ACTIVE) - Sponsor Memo

2017-S4912 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4912
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               March 3, 2017
                                ___________
 
 Introduced  by  Sens. DIAZ, DILAN -- read twice and ordered printed, and
   when printed to be committed to the Committee on Housing, Construction
   and Community Development
 
 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.
   §  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.
                                                            LBD06678-01-7

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