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Assembly Bill A7090A

2025-2026 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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Bill Amendments

co-Sponsors

2025-A7090 - Details

See Senate Version of this Bill:
S2098
Current Committee:
Assembly Housing
Law Section:
Business Corporation Law
Laws Affected:
Add §728, BC L; add §519-b, N-PC L
Versions Introduced in Other Legislative Sessions:
2019-2020: A7512
2021-2022: A7773
2023-2024: A1064, S9426

2025-A7090 - Summary

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

2025-A7090 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7090
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 20, 2025
                                ___________
 
 Introduced  by M. of A. BICHOTTE HERMELYN, DURSO, GLICK, RIVERA, TAYLOR,
   SIMON, GIBBS, LEVENBERG -- 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.
                                                            LBD05826-01-5

co-Sponsors

2025-A7090A (ACTIVE) - Details

See Senate Version of this Bill:
S2098
Current Committee:
Assembly Housing
Law Section:
Business Corporation Law
Laws Affected:
Add §728, BC L; add §519-b, N-PC L
Versions Introduced in Other Legislative Sessions:
2019-2020: A7512
2021-2022: A7773
2023-2024: A1064, S9426

2025-A7090A (ACTIVE) - Summary

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

2025-A7090A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7090--A
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 20, 2025
                                ___________
 
 Introduced  by M. of A. BICHOTTE HERMELYN, DURSO, GLICK, RIVERA, TAYLOR,
   SIMON, GIBBS, LEVENBERG -- 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 business  corporation  law  and  the  not-for-profit
   corporation  law, in relation to requiring the board of directors of a
   residential 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 business corporation law is amended  by  adding  a  new
 section 728 to read as follows:
 § 728. DENIAL  OF  RIGHT TO PURCHASE SHARES OF A RESIDENTIAL COOPERATIVE
          HOUSING CORPORATION.
   IN THE EVENT THAT THE BOARD OF DIRECTORS OF A RESIDENTIAL  COOPERATIVE
 HOUSING  CORPORATION  INCORPORATED  PURSUANT  TO THIS CHAPTER DENIES THE
 REQUEST OF AN APPLICANT TO PURCHASE SHARES OF SUCH CORPORATION  ALLOTTED
 TO  A PARTICULAR DWELLING UNIT, THE BOARD OF DIRECTORS 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. The not-for-profit corporation law is amended  by  adding  a  new
 section 519-b to read as follows:
 § 519-B. DENIAL OF RIGHT TO PURCHASE SHARES OF A RESIDENTIAL COOPERATIVE
          HOUSING CORPORATION.
   IN  THE EVENT THAT THE BOARD OF DIRECTORS OF A RESIDENTIAL COOPERATIVE
 HOUSING CORPORATION INCORPORATED PURSUANT TO  THIS  CHAPTER  DENIES  THE
 REQUEST  OF AN APPLICANT TO PURCHASE SHARES OF SUCH CORPORATION ALLOTTED
 TO A PARTICULAR DWELLING UNIT, THE BOARD OF DIRECTORS SHALL NOTIFY  SUCH
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05826-02-5

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