senate Bill S6408B

2019-2020 Legislative Session

Requires a uniform processes for considering applications to purchase condominiums or cooperatives

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Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions 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 (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 20, 2020 print number 6408b
Jul 20, 2020 amend and recommit to corporations, authorities and commissions
Jan 08, 2020 referred to corporations, authorities and commissions
Jun 14, 2019 print number 6408a
Jun 14, 2019 amend and recommit to rules
Jun 07, 2019 referred to rules

S6408 - Details

See Assembly Version of this Bill:
A1267
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Add §519-b, N-PC L; add §728, BC L
Versions Introduced in Other Legislative Sessions:
2009-2010: A3553
2011-2012: A3053
2013-2014: A4388
2015-2016: A6395
2017-2018: A3813
2021-2022: S2874, A1623

S6408 - Summary

Requires a uniform process for considering applications to purchase condominiums or cooperatives.

S6408 - Sponsor Memo

S6408 - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6408

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                              June 7, 2019
                               ___________

Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the not-for-profit  corporation  law  and  the  business
  corporation 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. The not-for-profit corporation law is amended by  adding  a
new section 519-b to read as follows:
§ 519-B. RESIDENTIAL COOPERATIVE CORPORATIONS; OWNERSHIP INTERESTS.
  (A) THE BOARD OF DIRECTORS OF ANY RESIDENTIAL COOPERATIVE CORPORATION,
INCORPORATED  PURSUANT  TO  THIS CHAPTER, SHALL ESTABLISH THROUGH AMEND-
MENTS TO ITS BY-LAWS UNIFORM PROCESSES FOR APPLYING TO  AND  CONSIDERING
APPLICATIONS FOR THE PURCHASE CERTIFICATES OF STOCK, A PROPRIETARY LEASE
OR  OTHER  EVIDENCE OF AN OWNERSHIP INTEREST IN SUCH RESIDENTIAL COOPER-
ATIVE CORPORATION.
  (B) WRITTEN NOTICE OF SUCH PROCESSES SHALL BE MADE  AVAILABLE  TO  ANY
PROSPECTIVE PURCHASERS AND PROSPECTIVE SELLERS, OR THEIR RESPECTIVE REAL
ESTATE  AGENTS,  PROMPTLY  UPON REQUEST. PROSPECTIVE PURCHASERS SHALL BE
REQUIRED TO CONFIRM RECEIPT OF SUCH NOTICE IN WRITING.
  (C) AT A MINIMUM, SUCH PROCESSES SHALL REQUIRE THE BOARD OF DIRECTORS,
UPON RECEIVING AN APPLICATION FROM A PROSPECTIVE PURCHASER, TO  ACKNOWL-
EDGE  RECEIPT OF SUCH APPLICATION AND TO INCLUDE IN SUCH ACKNOWLEDGEMENT
OF  RECEIPT  WHETHER  THE  APPLICATION  SUBMITTED  FULLY  SATISFIES  THE
REQUIREMENTS  THEREFOR,  THE  WAY  OR  WAYS THE SUBMITTED APPLICATION IS
INCOMPLETE, AND/OR ANY  ADDITIONAL  MATERIALS  NECESSARY  TO  EFFECTUATE
CONSIDERATION OF THE APPLICATION.
  (D)  THE  PROCESSES ESTABLISHED PURSUANT TO THIS SECTION SHALL FURTHER
REQUIRE THAT, FOLLOWING THE SUBMISSION OF A  COMPLETED  APPLICATION  AND
ALL  ADDITIONAL  MATERIALS  REQUESTED IN THE ACKNOWLEDGEMENT OF RECEIPT,
THE BOARD OF DIRECTORS SHALL NOTIFY THE PROSPECTIVE PURCHASER  OR  THEIR
AGENT  THAT THE APPLICATION IS COMPLETE. SUCH NOTICE SHALL STATE BY WHAT

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

S6408A - Details

See Assembly Version of this Bill:
A1267
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Add §519-b, N-PC L; add §728, BC L
Versions Introduced in Other Legislative Sessions:
2009-2010: A3553
2011-2012: A3053
2013-2014: A4388
2015-2016: A6395
2017-2018: A3813
2021-2022: S2874, A1623

S6408A - Summary

Requires a uniform process for considering applications to purchase condominiums or cooperatives.

S6408A - Sponsor Memo

S6408A - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6408--A

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                              June 7, 2019
                               ___________

Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
  printed to be  committed  to  the  Committee  on  Rules  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN  ACT  to  amend  the  not-for-profit corporation law and the business
  corporation 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.  The not-for-profit corporation law is amended by adding a
new section 519-b to read as follows:
§ 519-B. RESIDENTIAL COOPERATIVE CORPORATIONS; OWNERSHIP INTERESTS.
  (A) ANY RESIDENTIAL COOPERATIVE CORPORATION INCORPORATED  PURSUANT  TO
THIS  CHAPTER,  SHALL  ESTABLISH  UNIFORM  PROCESSES FOR APPLYING TO AND
CONSIDERING APPLICATIONS FOR THE PURCHASE OF CERTIFICATES  OF  STOCK,  A
PROPRIETARY  LEASE  OR  OTHER  EVIDENCE OF AN OWNERSHIP INTEREST IN SUCH
RESIDENTIAL COOPERATIVE CORPORATION.
  (B) WRITTEN NOTICE OF SUCH PROCESSES SHALL BE MADE  AVAILABLE  TO  ANY
PROSPECTIVE PURCHASERS AND PROSPECTIVE SELLERS, OR THEIR RESPECTIVE REAL
ESTATE  AGENTS,  PROMPTLY  UPON REQUEST. PROSPECTIVE PURCHASERS SHALL BE
REQUIRED TO CONFIRM RECEIPT OF SUCH NOTICE IN WRITING.
  (C) AT A MINIMUM, SUCH PROCESSES SHALL REQUIRE THE COOPERATIVE  CORPO-
RATION,  UPON  RECEIVING AN APPLICATION FROM A PROSPECTIVE PURCHASER, TO
ACKNOWLEDGE RECEIPT OF SUCH APPLICATION AND TO INCLUDE IN SUCH  ACKNOWL-
EDGEMENT  OF  RECEIPT  WHETHER THE APPLICATION SUBMITTED FULLY SATISFIES
THE REQUIREMENTS THEREFOR, THE WAY OR WAYS THE SUBMITTED APPLICATION  IS
INCOMPLETE, AND ANY ADDITIONAL MATERIALS NECESSARY TO EFFECTUATE CONSID-
ERATION OF THE APPLICATION.
  (D)  THE  PROCESSES ESTABLISHED PURSUANT TO THIS SECTION SHALL FURTHER
REQUIRE THAT, FOLLOWING THE SUBMISSION OF A  COMPLETED  APPLICATION  AND
ALL  ADDITIONAL  MATERIALS  REQUESTED IN THE ACKNOWLEDGEMENT OF RECEIPT,
THE BOARD OF DIRECTORS SHALL NOTIFY THE PROSPECTIVE PURCHASER  OR  THEIR

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

S6408B (ACTIVE) - Details

See Assembly Version of this Bill:
A1267
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Add §519-b, N-PC L; add §728, BC L
Versions Introduced in Other Legislative Sessions:
2009-2010: A3553
2011-2012: A3053
2013-2014: A4388
2015-2016: A6395
2017-2018: A3813
2021-2022: S2874, A1623

S6408B (ACTIVE) - Summary

Requires a uniform process for considering applications to purchase condominiums or cooperatives.

S6408B (ACTIVE) - Sponsor Memo

S6408B (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6408--B

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                              June 7, 2019
                               ___________

Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
  printed to be  committed  to  the  Committee  on  Rules  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to  said  committee  --  recommitted to the Committee on Corporations,
  Authorities and Commissions in accordance with Senate Rule 6,  sec.  8
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT to amend the not-for-profit  corporation  law  and  the  business
  corporation 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. The not-for-profit corporation law is amended by  adding  a
new section 519-b to read as follows:
§ 519-B. RESIDENTIAL COOPERATIVE CORPORATIONS; OWNERSHIP INTERESTS.
  (A)  ANY  RESIDENTIAL COOPERATIVE CORPORATION INCORPORATED PURSUANT TO
THIS CHAPTER, SHALL ESTABLISH UNIFORM  PROCESSES  FOR  APPLYING  TO  AND
CONSIDERING  APPLICATIONS  FOR  THE PURCHASE OF CERTIFICATES OF STOCK, A
PROPRIETARY LEASE OR OTHER EVIDENCE OF AN  OWNERSHIP  INTEREST  IN  SUCH
RESIDENTIAL COOPERATIVE CORPORATION.
  (B)  WRITTEN  NOTICE  OF SUCH PROCESSES SHALL BE MADE AVAILABLE TO ANY
PROSPECTIVE PURCHASERS AND PROSPECTIVE SELLERS, OR THEIR RESPECTIVE REAL
ESTATE AGENTS, PROMPTLY UPON REQUEST.
  (C) AT A MINIMUM, SUCH PROCESSES SHALL REQUIRE THE COOPERATIVE  CORPO-
RATION,  UPON  RECEIVING AN APPLICATION FROM A PROSPECTIVE PURCHASER, TO
ACKNOWLEDGE RECEIPT OF SUCH APPLICATION WITHIN TWENTY-ONE  DAYS  AND  TO
INCLUDE  IN  SUCH  ACKNOWLEDGEMENT  OF  RECEIPT  WHETHER THE APPLICATION
SUBMITTED FULLY SATISFIES THE REQUIREMENTS THEREFOR, THE WAY OR WAYS THE
SUBMITTED APPLICATION IS INCOMPLETE, AND ANY ADDITIONAL MATERIALS NECES-
SARY TO EFFECTUATE CONSIDERATION OF THE APPLICATION.
  (D) THE PROCESSES ESTABLISHED PURSUANT TO THIS SECTION  SHALL  FURTHER
REQUIRE  THAT,  FOLLOWING  THE SUBMISSION OF A COMPLETED APPLICATION AND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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