senate Bill S2874

2021-2022 Legislative Session

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

download bill text pdf

Sponsored By

Current 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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 26, 2021 referred to corporations, authorities and commissions

Co-Sponsors

S2874 (ACTIVE) - Details

See Assembly Version of this Bill:
A1623
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
2019-2020: S6408, A1267

S2874 (ACTIVE) - Summary

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

S2874 (ACTIVE) - Sponsor Memo

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.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. 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.