Assembly Bill A1623

2021-2022 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - Stricken


  • 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-A1623 (ACTIVE) - Details

See Senate Version of this Bill:
S2874
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: A1267, S6408
2023-2024: A6647

2021-A1623 (ACTIVE) - Summary

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

2021-A1623 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1623
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2021
                                ___________
 
 Introduced  by  M. of A. PERRY, PAULIN, DiPIETRO, PEOPLES-STOKES, BRABE-
   NEC, SEAWRIGHT, RICHARDSON -- Multi-Sponsored by --  M.  of  A.  COOK,
   GALEF,  LUPARDO,  McDONOUGH -- read once and referred to the Committee
   on Housing
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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