Senate Bill S7026

Signed By Governor
2021-2022 Legislative Session

Relates to tenant-cooperator shares of mutual company holdings

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A7671 - Signed by Governor

  • 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-S7026 (ACTIVE) - Details

See Assembly Version of this Bill:
A7671
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §31-a, add §31-c, Priv Hous Fin L

2021-S7026 (ACTIVE) - Summary

Enables a current tenant-cooperator of certain housing companies, entitled to occupancy by reason of ownership of shares in such housing company, to apply all or a portion of the value of his or her holdings and equity in the housing company toward any consideration required to be paid for shares which would entitle the resident to the occupancy of another unit owned and operated by the housing company.

2021-S7026 (ACTIVE) - Sponsor Memo

2021-S7026 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7026
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 24, 2021
                                ___________
 
 Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community Development
 
 AN  ACT  to  amend  the  private housing finance law, in relation to the
   application of tenant-cooperator shares of mutual company holdings

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Section 31-a of the private housing finance law is amended
 by adding a new subdivision (f) to read as follows:
   (F) A MUTUAL COMPANY SHALL PROVIDE, UPON REQUEST OF A  TENANT-COOPERA-
 TOR,  A  WRITTEN  STATEMENT  PROVIDING THE CURRENT VALUE OF SUCH TENANT-
 COOPERATOR'S SHARES AND EQUITY IN SUCH MUTUAL COMPANY;
   § 2. The private housing finance  law  is  amended  by  adding  a  new
 section 31-c to read as follows:
   §  31-C.  TENANT-COOPERATORS;  APPLICATION  OF  SHARES.   1. NO MUTUAL
 COMPANY SHALL REQUIRE A CURRENT TENANT-COOPERATOR TO USE CASH,  LOAN  OR
 MORTGAGE  TO  MAKE  AN INITIAL PAYMENT FOR SHARES THAT WOULD ENTITLE THE
 TENANT-COOPERATOR TO OCCUPANCY UPON TRANSFER TO  ANOTHER  DWELLING  UNIT
 WITHIN THE MUTUAL COMPANY'S FACILITIES, BUT INSTEAD, SUBJECT TO SUBDIVI-
 SION  TWO  OF  THIS SECTION, SHALL FIRST ALLOW THE TENANT-COOPERATOR THE
 OPTION TO APPLY THE VALUE OF HIS OR HER SHARES AND EQUITY IN THE  MUTUAL
 COMPANY TOWARD ANY CONSIDERATION REQUIRED TO BE PAID FOR SUCH SHARES.
   2.  WITHIN  ONE  HUNDRED  EIGHTY  DAYS  OF  THE EFFECTIVE DATE OF THIS
 SECTION, THE COMMISSIONER AND THE SUPERVISING AGENCY, AS  THE  CASE  MAY
 BE, SHALL EACH PROMULGATE REGULATIONS AUTHORIZING A CURRENT TENANT-COOP-
 ERATOR,  ENTITLED  TO OCCUPANCY BY REASON OF OWNERSHIP OF SHARES IN SUCH
 MUTUAL COMPANY, TO APPLY ALL OR A PORTION OF THE VALUE  OF  HIS  OR  HER
 SHARES  AND  EQUITY  IN  THE  MUTUAL  COMPANY  TOWARD  ANY CONSIDERATION
 REQUIRED TO BE PAID FOR SHARES WHICH WOULD ENTITLE THE TENANT-COOPERATOR
 TO OCCUPANCY OF ANOTHER UNIT OWNED AND OPERATED BY THE  MUTUAL  COMPANY,
 REGARDLESS OF THE SALE OF THE TENANT-COOPERATOR'S CURRENT SHARES IN SUCH
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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