|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 10, 2021||returned to assembly|
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|
senate Bill S7079
Current Bill Status Via A7637 - Passed Senate & Assembly
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S7079 (ACTIVE) - Details
- See Assembly Version of this Bill:
- 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
BILL NUMBER: S7079 SPONSOR: KAVANAGH TITLE OF BILL: An act to amend the private housing finance law, in relation to author- izing additional supervision and regulation of limited-profit housing companies PURPOSE: To mandate and standardize training for Mitchell-Lama shareholders elected to serve on the company's board of directors. SUMMARY OF PROVISIONS: Section one of the bill amends section 32-a of the private housing finance law to direct the commissioner or supervising agency of a limit- ed-profit housing company to: *promulgate regulations for housing companies to meet with tenants'
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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