Senate Bill S7541

2025-2026 Legislative Session

Establishes transparency guidelines for condominiums and cooperative housing units

download bill text pdf

Sponsored By

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

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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

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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