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Assembly Bill A8112

2021-2022 Legislative Session

Prohibits board members of a cooperative housing corporation to serve as the listing agent for the co-op associated with their board status in a real estate transaction

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Archive: Last Bill Status - In Assembly Committee

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2021-A8112 (ACTIVE) - Details

See Senate Version of this Bill:
S6661
Current Committee:
Assembly Judiciary
Law Section:
Cooperative Corporations Law
Laws Affected:
Add §78, Coop Corps L

2021-A8112 (ACTIVE) - Summary

Prohibits board members of a cooperative housing corporation to serve as the listing agent for the co-op associated with their board status in a real estate transaction.

2021-A8112 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8112
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 11, 2021
                                ___________
 
 Introduced  by  M.  of  A. D. ROSENTHAL -- read once and referred to the
   Committee on Judiciary
 
 AN ACT to amend the cooperative corporations law, in relation to prohib-
   iting board members of a cooperative housing corporation to  serve  as
   the  listing agent for the co-op associated with their board status in
   a real estate transaction

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The cooperative corporations law is amended by adding a new
 section 78 to read as follows:
   §  78. COOPERATIVE HOUSING CORPORATIONS; BOARD MEMBERS PROHIBITED FROM
 BEING LISTING AGENTS. 1. FOR PURPOSES OF  THIS  SECTION,  THE  FOLLOWING
 TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A)  "COOPERATIVE  HOUSING  CORPORATION"  MEANS  A  CORPORATION FORMED
 PURSUANT TO THIS CHAPTER OR ARTICLE FOUR OF THE BUSINESS CORPORATION LAW
 THAT OWNS OR LEASES RESIDENTIAL PREMISES AND  OPERATES  THE  SAME  ON  A
 COOPERATIVE BASIS.
   (B)  "MEMBER" MEANS A NATURAL PERSON HOLDING A MEMBERSHIP IN A COOPER-
 ATIVE HOUSING CORPORATION, WHETHER EVIDENCED BY A CERTIFICATE OF MEMBER-
 SHIP OR BY A CERTIFICATE OF STOCK OR BY OTHER AUTHORIZED MEANS OF  IDEN-
 TIFICATION.
   2. NO COOPERATIVE HOUSING CORPORATION SHALL PERMIT AN INDIVIDUAL SERV-
 ING ON THE BOARD OF DIRECTORS OF SUCH CORPORATION TO SERVE SIMULTANEOUS-
 LY  AS  A LISTING AGENT FOR THE SALE OF ANY DWELLING UNIT LOCATED ON THE
 PREMISES OF SUCH COOPERATIVE HOUSING CORPORATION.
   3. ANY MEMBER SHALL BE PERMITTED TO CHOOSE A LISTING AGENT OF  HIS  OR
 HER  CHOOSING  FOR  THE  PURPOSES  OF  SELLING  HIS OR HER DWELLING UNIT
 LOCATED ON THE PREMISES OF A COOPERATIVE HOUSING CORPORATION.
   § 2. This act shall take effect immediately.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11378-01-1

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