| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| May 15, 2024 |
referred to housing, construction and community development |
Senate Bill S9426
2023-2024 Legislative Session
Sponsored By
(D) 27th Senate District
Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee
Actions
2023-S9426 (ACTIVE) - Details
2023-S9426 (ACTIVE) - Sponsor Memo
BILL NUMBER: S9426
SPONSOR: KAVANAGH
TITLE OF BILL:
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
PURPOSE:
This bill aims to ensure transparency and fairness in the process of
purchasing shares in cooperative apartment corporations by requiring the
board of directors to provide specific reasons for the denial of appli-
cations to purchase shares.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1. Amends the general business law by adding a new section
352-m, which requires cooperative corporation boards to provide a writ-
ten explanation to applicants detailing the reasons for the denial of
2023-S9426 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
9426
I N S E N A T E
May 15, 2024
___________
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 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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