Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Apr 22, 2025 |
referred to judiciary |
Senate Bill S7541
2025-2026 Legislative Session
Sponsored By
(D) 6th Senate District
Current Bill Status - In Senate Committee Judiciary 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
Actions
2025-S7541 (ACTIVE) - Details
- Current Committee:
- Senate Judiciary
- Law Section:
- Real Property Law
- Laws Affected:
- Amd §§339-e & 339-q, add §339-mm, RP L
2025-S7541 (ACTIVE) - Summary
Requires that when a buyer enters into a contract to purchase a condominium or cooperative housing unit, the property management company or board of managers shall provide the buyer with records of the most recent inspection and engineering reports and permits for the subject property.
2025-S7541 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7541 SPONSOR: BYNOE TITLE OF BILL: An act to amend the real property law, in relation to establishing tran- sparency guidelines for condominiums and cooperative housing units PURPOSE OR GENERAL IDEA OF BILL: To require condominium and cooperative housing associations' board of managers and/or property management companies to provide information on engineering reports, inspections, and permits to unit owners and to municipalities when applicable. SUMMARY OF SPECIFIC PROVISIONS: Section 1 provides the legislative intent of this bill. Section 2 adds definitions specific to the Condominium Law for "Inspections", "Engineering Reports" and "Permits"
2025-S7541 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7541 2025-2026 Regular Sessions I N S E N A T E April 22, 2025 ___________ Introduced by Sen. BYNOE -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the real property law, in relation to establishing tran- sparency guidelines for condominiums and cooperative housing units THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Legislative intent. This Legislature hereby finds that on June 24, 2021, Champlain Towers South, a 12-story condominium in Surf- side, Florida experienced a partial collapse that resulted in the deaths of 98 residents, becoming the third-deadliest non-deliberate structural engineering failure in United States history. In the wake of such a tragedy, this Legislature understands that there are currently no exist- ing statewide regulations which would require that condominium or coop- erative housing associations' property management company or board of managers make information regarding any inspections, permits, or engi- neering reports available to unit owners and purchasers. Additionally, this Legislature finds that in Myrtle Beach, South Caro- lina, residents of the Renaissance Towers condominium are currently embroiled in an ongoing lawsuit after 300 units were evacuated after the building was deemed unsafe by Horry County Code Enforcement on October 7, 2022. These unit owners reported that the board of managers had failed to document or inform unit owners of the findings of engineering reports for over 20 years prior to the evacuation. This Legislature determines that transparency of reporting inspections, permits and engi- neering reports would provide residents and purchasers with the know- ledge to make informed decisions about their condominium and cooperative housing associations, and such reports should be provided to local muni- cipalities to protect the health and wellbeing of residents. Furthermore, this Legislature finds that this legislation would make New York the third state, following Florida and New Jersey, to have strengthened transparency regulations on condominiums and co-ops follow- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11710-01-5
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