senate Bill S7079

2021-2022 Legislative Session

Authorizes additional supervision and regulation of limited-profit housing companies

download bill text pdf

Sponsored By

Current Bill Status Via A7637 - Passed Senate & Assembly


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 10, 2021 returned to assembly
passed senate
3rd reading cal.1731
substituted for s7079
Jun 10, 2021 substituted by a7637
ordered to third reading cal.1731
committee discharged and committed to rules
May 27, 2021 referred to housing, construction and community development

S7079 (ACTIVE) - Details

See Assembly Version of this Bill:
A7637
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §32-a, Priv Hous Fin L

S7079 (ACTIVE) - Summary

Authorizes additional supervision and regulation of limited-profit housing companies relating to requiring members of a board of directors of a limited-profit housing company to complete training regarding the financial oversight, accountability and fiduciary responsibilities of a board member and the powers, functions and duties of a board of directors of a limited-profit housing company.

S7079 (ACTIVE) - Sponsor Memo

S7079 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7079
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 27, 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 author-
   izing additional supervision and regulation of limited-profit  housing
   companies

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 32-a of the private housing finance law,  as  added
 by  chapter  449  of the laws of 1975, subdivision 6 as added by chapter
 744 of the laws of 1977, subdivision 7 as added by chapter  409  of  the
 laws  of 1982, subdivision 8 as added by chapter 594 of the laws of 2019
 and the closing paragraph as added by chapter 74 of the laws of 1988, is
 amended to read as follows:
   § 32-a. Additional supervision and regulation. The commissioner or the
 supervising agency, as the case may be, shall:
   1. Promulgate regulations providing for recognition  of  duly  consti-
 tuted  tenants'  associations  and cooperators' advisory councils by the
 commissioner or supervising agency, as the case may  be,  and  providing
 that  a  housing  company  shall  meet on a regular basis with represen-
 tatives of such an  association  or  council  at  the  specific  project
 involved  to discuss matters relating to the project. A duly constituted
 cooperators' advisory council shall only be such a council in  a  mutual
 company  project  prior  to  the election of a board of directors by the
 tenant-cooperators.
   2. Require every company to file with him, HER or it an annual operat-
 ing budget for each individual project in the manner prescribed  by  the
 commissioner or supervising agency.
   3.  Require  every  company to file with him, HER or it semi-annual or
 quarterly financial statements and an annual financial  statement.  Each
 annual  financial statement shall be accompanied by a certificate of the

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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