Assembly Bill A1778A

2023-2024 Legislative Session

Enacts the "fairness in cooperative homeownership act"

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee


  • 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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Bill Amendments

co-Sponsors

multi-Sponsors

2023-A1778 - Details

See Senate Version of this Bill:
S2964
Current Committee:
Assembly Housing
Law Section:
Real Property Law
Laws Affected:
Add Art 11 §§360 - 366, RP L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10084, S7523
2019-2020: A6194, S4677
2021-2022: A5856, S2846

2023-A1778 - Summary

Enacts the "fairness in cooperative homeownership act"; regulates the submission and determinations of applications for ownership of cooperative apartments.

2023-A1778 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1778
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 20, 2023
                                ___________
 
 Introduced  by  M.  of  A.  LAVINE,  HUNTER, STECK, STIRPE, JEAN-PIERRE,
   JACOBSON, JONES, DeSTEFANO,  DiPIETRO,  BRABENEC,  BURDICK,  STERN  --
   Multi-Sponsored  by  -- M. of A. FITZPATRICK -- read once and referred
   to the Committee on Housing
 
 AN ACT to amend the real property law, in  relation  to  the  timing  of
   decisions for the sales of cooperative apartments
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Legislative findings.  The  legislature  hereby  finds  and
 declares  that  residential  cooperative purchasers are subject to proc-
 esses and conditions that do not also apply to the  purchases  of  other
 single-family  residences.  The  provisions of this act are not intended
 and do not diminish the duty  of  cooperative  boards  to  uphold  their
 established  fiduciary  duties.  It is the intent of this act to signif-
 icantly improve the transparency of the cooperative purchase process  to
 the benefit of all parties involved in the transaction.
   §  2.  The  real property law is amended by adding a new article 11 to
 read as follows:
                                ARTICLE 11
               COOPERATIVE CORPORATIONS; TIMING OF DECISIONS
 SECTION 360. SHORT TITLE.
         361. DEFINITIONS.
         362. REQUIREMENTS FOR DETERMINATION.
         363. ACKNOWLEDGEMENT OF RECEIPT OF APPLICATION.
         364. TIME FOR DETERMINATION.
         365. TOLLING OF TIME.
         366. CONSTRUCTION.
   § 360. SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY  BE  CITED  AS
 THE "FAIRNESS IN COOPERATIVE HOMEOWNERSHIP ACT".
   § 361. DEFINITIONS. AS USED IN THIS ARTICLE, UNLESS THE CONTEXT OTHER-
 WISE REQUIRES:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02825-01-3
              

co-Sponsors

multi-Sponsors

2023-A1778A (ACTIVE) - Details

See Senate Version of this Bill:
S2964
Current Committee:
Assembly Housing
Law Section:
Real Property Law
Laws Affected:
Add Art 11 §§360 - 366, RP L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10084, S7523
2019-2020: A6194, S4677
2021-2022: A5856, S2846

2023-A1778A (ACTIVE) - Summary

Enacts the "fairness in cooperative homeownership act"; regulates the submission and determinations of applications for ownership of cooperative apartments.

2023-A1778A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1778--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 20, 2023
                                ___________
 
 Introduced  by  M.  of  A.  LAVINE,  HUNTER, STECK, STIRPE, JEAN-PIERRE,
   JACOBSON, JONES, DeSTEFANO,  DiPIETRO,  BRABENEC,  BURDICK,  STERN  --
   Multi-Sponsored  by  -- M. of A. FITZPATRICK -- read once and referred
   to the Committee on Housing --  committee  discharged,  bill  amended,
   ordered reprinted as amended and recommitted to said committee

 AN  ACT  to  amend  the  real property law, in relation to the timing of
   decisions for the sales of cooperative apartments
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Legislative  findings.  The  legislature hereby finds and
 declares that residential cooperative purchasers are  subject  to  proc-
 esses  and  conditions  that do not also apply to the purchases of other
 single-family residences. The provisions of this act  are  not  intended
 and  do  not  diminish  the  duty  of cooperative boards to uphold their
 established fiduciary duties. It is the intent of this  act  to  signif-
 icantly  improve the transparency of the cooperative purchase process to
 the benefit of all parties involved in the transaction.
   § 2. The real property law is amended by adding a new  article  11  to
 read as follows:
                                ARTICLE 11
               COOPERATIVE CORPORATIONS; TIMING OF DECISIONS
 SECTION 360. SHORT TITLE.
         361. DEFINITIONS.
         362. REQUIREMENTS FOR DETERMINATION.
         363. ACKNOWLEDGEMENT OF RECEIPT OF APPLICATION.
         364. TIME FOR DETERMINATION.
         365. TOLLING OF TIME.
         366. CONSTRUCTION.
   § 360. SHORT  TITLE.  THIS  ARTICLE SHALL BE KNOWN AND MAY BE CITED AS
 THE "FAIRNESS IN COOPERATIVE HOMEOWNERSHIP ACT".
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02825-03-3
 A. 1778--A                          2
              

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