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Senate Bill S6661

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 Senate Committee Corporations, Authorities And Commissions Committee

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2021-S6661 (ACTIVE) - Details

See Assembly Version of this Bill:
A8112
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Cooperative Corporations Law
Laws Affected:
Add §78, Coop Corps L

2021-S6661 (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-S6661 (ACTIVE) - Sponsor Memo

2021-S6661 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6661
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 11, 2021
                                ___________
 
 Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and Commissions
 
 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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