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Assembly Bill A1064

2023-2024 Legislative Session

Requires the board of directors of a cooperative apartment corporation to notify applicants seeking to purchase shares of the corporation of the reason or reasons the board of directors has refused such request

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Archive: Last Bill Status - In Assembly Committee

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2023-A1064 (ACTIVE) - Details

See Senate Version of this Bill:
S9426
Current Committee:
Assembly Housing
Law Section:
General Business Law
Laws Affected:
Add §352-m, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2019-2020: A7512
2021-2022: A7773
2025-2026: A7090, S2098

2023-A1064 (ACTIVE) - Summary

Requires the board of directors of a cooperative apartment corporation to notify applicants seeking to purchase shares of the corporation of the reason or reasons the board of directors has refused such request.

2023-A1064 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1064
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 13, 2023
                                ___________
 
 Introduced by M. of A. BICHOTTE HERMELYN, DURSO, GLICK, EPSTEIN, RIVERA,
   TAYLOR,  JOYNER,  SIMON  -- read once and referred to the Committee on
   Housing
 
 AN ACT to amend the general business law, in relation to  requiring  the
   board  of  directors  of a cooperative apartment corporation to notify
   applicants seeking to purchase shares of the corporation of the reason
   or reasons the board of directors has refused such request
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general business law is amended by adding a new section
 352-m to read as follows:
   §  352-M.  DENIAL  OF RIGHT TO PURCHASE SHARES OF A COOPERATIVE CORPO-
 RATION. IN THE EVENT THAT THE BOARD OF DIRECTORS OF A COOPERATIVE CORPO-
 RATION DENIES THE REQUEST OF AN APPLICANT TO  PURCHASE  SHARES  OF  SUCH
 CORPORATION  ALLOTTED TO A PARTICULAR DWELLING UNIT, THE BOARD OF DIREC-
 TORS SHALL NOTIFY SUCH APPLICANT IN WRITING OF THE REASON OR REASONS THE
 BOARD OF DIRECTORS HAS DENIED THE REQUEST TO PURCHASE THE  SHARES.  SUCH
 NOTIFICATION  SHALL  BE  PROVIDED TO THE APPLICANT WITHIN THIRTY DAYS OF
 THE BOARD'S DECISION TO DENY THE APPLICANT'S  REQUEST  TO  PURCHASE  THE
 SHARES.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01170-01-3

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