Assembly Bill A5856

2021-2022 Legislative Session

Enacts the "fairness in cooperative homeownership act"

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-A5856 (ACTIVE) - Details

See Senate Version of this Bill:
S2846
Current Committee:
Assembly Housing
Law Section:
Real Property Law
Laws Affected:
Add Art 11 §§360 - 366, RP L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10084, S7523
2019-2020: A6194, S4677
2023-2024: A1778, S2964

2021-A5856 (ACTIVE) - Summary

Enacts the "fairness in cooperative homeownership act"; regulates the submission and determinations of applications for ownership of cooperative apartments.

2021-A5856 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5856
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 1, 2021
                                ___________
 
 Introduced  by M. of A. LAVINE, CUSICK, HUNTER, PICHARDO, STECK, STIRPE,
   JEAN-PIERRE, JACOBSON, DeSTEFANO, DiPIETRO,  JONES,  BRABENEC,  LALOR,
   STERN  --  Multi-Sponsored by -- M. of A. FITZPATRICK -- read once and
   referred to the Committee on Housing
 
 AN ACT to amend the real property law, in  relation  to  the  timing  of
   decisions for the sales of cooperative apartments
 
   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 the  purchases  of  other
 single-family  residences.  The  provisions of this act are not intended
 and do not diminish the duty  of  cooperative  boards  to  uphold  their
 established  fiduciary  duties.  It is the intent of this act to signif-
 icantly 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 CORPORATIONS; TIMING OF DECISIONS
 SECTION 360. SHORT TITLE.
         361. DEFINITIONS.
         362. REQUIREMENTS FOR DETERMINATION.
         363. ACKNOWLEDGEMENT OF RECEIPT OF APPLICATION.
         364. TIME FOR DETERMINATION.
         365. TOLLING OF TIME.
         366. CONSTRUCTION.
   § 360. SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY  BE  CITED  AS
 THE "FAIRNESS IN COOPERATIVE HOMEOWNERSHIP ACT".
   § 361. DEFINITIONS. AS USED IN THIS ARTICLE, UNLESS THE CONTEXT OTHER-
 WISE REQUIRES:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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