Assembly Actions -
Senate Actions - UPPERCASE
|May 10, 2018||
referred to judiciary
Senate Bill S8643
2017-2018 Legislative Session
Archive: Last Bill Status - In Senate Committee Judiciary Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2017-S8643 (ACTIVE) - Details
2017-S8643 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8643 SPONSOR: SEPULVEDA TITLE OF BILL: An act to amend the real property law, in relation to creating a residential condominium owner bill of rights PURPOSE: To amend provisions in the not-for-profit corporation law, general busi- ness law, and real property law in relation to the enactment of a resi- dential condominium owner's bill of rights SUMMARY OF PROVISIONS: This bill will also enact a bill of rights for owners of residential condominium units with respect to managing the common charges, elements, expenses, or profits of thirty five hundred or more units. This bill will provide condo-owners both privately owned and not-for-profit condo- minium associations the right to transparency which includes the right for condo unit owners to review a complete accounting for all expendi- tures, capital improvement and or anything in excess of the contingency
2017-S8643 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8643 I N S E N A T E May 10, 2018 ___________ Introduced by Sen. SEPULVEDA -- 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 creating a resi- dential condominium owner bill of rights THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The real property law is amended by adding a new section 339-ll to read as follows: § 339-LL. RESIDENTIAL CONDOMINIUM OWNER'S BILL OF RIGHTS. THE ORGAN- IZATIONAL AND OPERATING DOCUMENTS OF A NOT-FOR-PROFIT RESIDENTIAL CONDO- MINIUM ASSOCIATION ESTABLISHED OR OPERATING PURSUANT TO THE LAWS OF THE STATE AND MANAGING THE COMMON CHARGES, ELEMENTS, EXPENSES, OR PROFITS OF THIRTY-FIVE HUNDRED OR MORE UNITS SHALL GUARANTEE THE FOLLOWING RIGHTS TO EACH UNIT OWNER. 1. THE RIGHT TO TRANSPARENCY. COMPLETE AND ACCURATE FINANCIAL STATE- MENTS, REPORTS OF HIRED ACCOUNTANTS AND CONSULTANTS ON BEHALF OF THE ASSOCIATION, REPORTS BY MUNICIPAL OR COUNTY INSPECTORS, AND APPROVED MINUTES OF THE BOARD OF MANAGERS' MEETINGS SHALL BE AVAILABLE FOR REVIEW WITHIN A TIMELY FASHION OF A REQUEST TO REVIEW, INSPECT, OR COPY. ANY FINANCIAL STATEMENTS, REPORTS, OR MINUTES ORDINARILY PROVIDED TO UNIT OWNERS SHALL BE PROVIDED IN A TIMELY FASHION PURSUANT TO ESTABLISHED TIMETABLES. IN ADDITION TO ANY OTHER NOTICE REQUIRED, THE APPROVED MINUTES OF ALL BOARD AND UNIT OWNER MEETINGS SHALL BE POSTED IN A PROMI- NENT PLACE ACCESSIBLE TO ALL UNIT OWNERS IN EACH BUILDING COMPRISING THE CONDOMINIUM WITHIN ONE DAY OF THEIR APPROVAL. FOR THE PURPOSES OF THIS SUBDIVISION, "FINANCIAL STATEMENTS" SHALL INCLUDE A COMPLETE ACCOUNTING FOR ALL EXPENDITURES, CAPITAL IMPROVEMENTS, OR ANYTHING IN EXCESS OF THE CONTINGENCY FUND INCLUDING THE BUDGET, A COMPARISON OF ANY AND ALL BIDDING PROCESSES FOR WORK TO BE DONE ON THE CONDOMINIUM INCLUDING WORK THAT WAS CONDUCTED AND THE AMOUNTS OF THE CONTRIBUTIONS OF EACH OWNER WHETHER INDIVIDUAL OR GROUP SPONSORED, BILLINGS, ESTIMATES, OVERAGES, AND PROOF OF THE EXPENDITURES THAT COMPRISE THE TOTAL OF THE SURCHARGE AND MINUTES OF EACH MEETING WHERE THE PLANNING AND VOTING ON THE PROPOSAL WAS DISCUSSED WITH ALL THE OWNERS, FOR ANY AND ALL EXPENDITURES NOT MADE IN THE ORDINARY COURSE OF BUSINESS, BANK ACCOUNT AND FINANCIAL INVESTMENT STATEMENTS, AND THE ASSOCIATION'S IRS FORM NINE-HUNDRED-NINE-
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