|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 05, 2022||referred to corporations, authorities and commissions|
|Jan 26, 2021||referred to corporations, authorities and commissions|
senate Bill S2874
Current Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2874 (ACTIVE) - Details
S2874 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2874 SPONSOR: KAVANAGH TITLE OF BILL: An act to amend the not-for-profit corporation law and the business corporation law, in relation to cooperative purchase applications PURPOSE: This bill would ensure that the process of purchasing cooperative hous- ing is fair, transparent and does the utmost to protect against illegal discrimination. SUMMARY OF PROVISIONS: Section one of the bill adds Section 519-B to the not-for-profit corpo- ration law. It requires any residential cooperative corporation formed as not-for-profits to create procedures for a uniform application proc- ess. Any residential cooperative corporation would need to provide writ- ten copies of these procedures to any prospective purchaser or seller
S2874 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2874 2021-2022 Regular Sessions I N S E N A T E January 26, 2021 ___________ Introduced by Sen. KAVANAGH -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions 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 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 DATE REVIEW OF THE APPLICATION WILL BE COMPLETE AND WHEN THE PROSPECTIVE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.