S T A T E O F N E W Y O R K
________________________________________________________________________
3169
2025-2026 Regular Sessions
I N A S S E M B L Y
January 23, 2025
___________
Introduced by M. of A. ROSENTHAL -- read once and referred to the
Committee on Housing
AN ACT to amend the real property law, in relation to the disclosure of
information on the fiscal health of a condominium, cooperative apart-
ment building or cooperative community to prospective buyers, current
owners and the condominium board or the cooperative board
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Sections 339-gg, 339-hh and 339-ii of the real property law
are renumbered sections 339-mm, 339-nn and 339-oo and a new section
339-gg is added to read as follows:
§ 339-GG. AUDITORS REPORT. 1. UPON DISCOVERY OF ANY WRITTEN DOCUMENT
OR ANY OTHER FORM OF EVIDENCE WHICH WOULD MATERIALLY IMPACT AN AUDITOR'S
PROFESSIONAL FINDINGS ABOUT THE FISCAL HEALTH OF A CONDOMINIUM, COOPER-
ATIVE APARTMENT BUILDING OR COOPERATIVE COMMUNITY, THE AUDITOR SHALL
DISCLOSE SUCH FINDING TO PROSPECTIVE BUYERS, CURRENT OWNERS AND THE
CONDOMINIUM BOARD OR THE COOPERATIVE BOARD.
2. DISCLOSURE SHALL BE MADE IN WRITTEN FORM AND SHALL BE DELIVERED TO
THE PROSPECTIVE BUYER OR BUYERS WITHIN A REASONABLE TIME AFTER DISCOV-
ERY.
3. UPON WRITTEN DEMAND BY PROSPECTIVE BUYERS, CURRENT OWNERS, THE
CONDOMINIUM BOARD OR THE COOPERATIVE BOARD, THE AUDITOR SHALL PROVIDE A
COPY OF THE COMPLETED REPORT WITHIN A REASONABLE TIME AFTER SUCH REQUEST
IS MADE.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05610-01-5
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