A08112 Summary:
| BILL NO | A08112 |
| SAME AS | SAME AS S06661 |
| SPONSOR | Rosenthal D |
| COSPNSR | Hevesi |
| MLTSPNSR | |
| Add §78, Coop Corps L | |
| Prohibits board members of a cooperative housing corporation to serve as the listing agent for the co-op associated with their board status in a real estate transaction. | |
A08112 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 8112 2021-2022 Regular Sessions IN ASSEMBLY June 11, 2021 ___________ Introduced by M. of A. D. ROSENTHAL -- read once and referred to the Committee on Judiciary AN ACT to amend the cooperative corporations law, in relation to prohib- iting board members of a cooperative housing corporation to serve as the listing agent for the co-op associated with their board status in a real estate transaction The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The cooperative corporations law is amended by adding a new 2 section 78 to read as follows: 3 § 78. Cooperative housing corporations; board members prohibited from 4 being listing agents. 1. For purposes of this section, the following 5 terms shall have the following meanings: 6 (a) "Cooperative housing corporation" means a corporation formed 7 pursuant to this chapter or article four of the business corporation law 8 that owns or leases residential premises and operates the same on a 9 cooperative basis. 10 (b) "Member" means a natural person holding a membership in a cooper- 11 ative housing corporation, whether evidenced by a certificate of member- 12 ship or by a certificate of stock or by other authorized means of iden- 13 tification. 14 2. No cooperative housing corporation shall permit an individual serv- 15 ing on the board of directors of such corporation to serve simultaneous- 16 ly as a listing agent for the sale of any dwelling unit located on the 17 premises of such cooperative housing corporation. 18 3. Any member shall be permitted to choose a listing agent of his or 19 her choosing for the purposes of selling his or her dwelling unit 20 located on the premises of a cooperative housing corporation. 21 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11378-01-1