A01267 Summary:

BILL NOA01267D
 
SAME ASSAME AS S06408-B
 
SPONSORPerry (MS)
 
COSPNSRPaulin, Raia, DiPietro, Peoples-Stokes, Brabenec, Seawright, Blake, Richardson
 
MLTSPNSRCook, Galef, Lupardo, McDonough
 
Add 519-b, N-PC L; add 728, BC L
 
Requires a uniform process for considering applications to purchase condominiums or cooperatives.
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A01267 Actions:

BILL NOA01267D
 
01/14/2019referred to housing
05/31/2019amend (t) and recommit to housing
05/31/2019print number 1267a
06/04/2019reported referred to rules
06/05/2019amend and recommit to rules 1267b
06/13/2019reported
06/13/2019rules report cal.237
06/13/2019ordered to third reading rules cal.237
06/14/2019amended on third reading 1267c
01/08/2020ordered to third reading cal.63
07/20/2020amended on third reading 1267d
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A01267 Committee Votes:

HOUSING Chair:Cymbrowitz DATE:06/04/2019AYE/NAY:26/0 Action: Favorable refer to committee Rules
CymbrowitzAyeFitzpatrickAye
CookAyeRaiaAye
RosenthalAyeJohnsAye
RodriguezAyeSmithAye
MosleyAyeByrnesAye
KimAyeLiPetriAye
PichardoAyeReillyAye
WalkerAyeSchmittAye
JoynerExcused
BlakeAye
DilanAye
BichotteExcused
DavilaAye
BarronAye
De La RosaAye
NiouAye
TaylorAye
EpsteinAye
EichensteinAye
ReyesAye

RULES Chair:Gottfried DATE:06/13/2019AYE/NAY:26/0 Action: Favorable
HeastieExcusedKolbAye
GottfriedAyeCrouchAye
LentolAyeFinchAye
GanttExcusedBarclayAye
NolanExcusedRaiaAye
WeinsteinAyeHawleyAye
OrtizAyeGiglioAye
PretlowAyeMalliotakisAye
CookExcused
GlickAye
AubryAye
EnglebrightAye
DinowitzAye
ColtonAye
MagnarelliAye
PerryAye
PaulinAye
TitusAye
Peoples-StokesExcused
BenedettoAye
LavineAye
LupardoAye
ZebrowskiAye

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A01267 Floor Votes:

There are no votes for this bill in this legislative session.
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A01267 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         1267--D
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 14, 2019
                                       ___________
 
        Introduced  by  M. of A. PERRY, PAULIN, DiPIETRO, PEOPLES-STOKES, BRABE-
          NEC, SEAWRIGHT, BLAKE, RICHARDSON -- Multi-Sponsored by --  M.  of  A.
          COOK,  GALEF,  LUPARDO,  McDONOUGH  --  read  once and referred to the
          Committee on Housing -- committee discharged,  bill  amended,  ordered
          reprinted as amended and recommitted to said committee -- reported and
          referred to the Committee on Rules -- Rules Committee discharged, bill
          amended, ordered reprinted as amended and recommitted to the Committee
          on  Rules  --  amended  on the special order of third reading, ordered
          reprinted as amended, retaining its place  on  the  special  order  of
          third  reading  --  ordered  to  a  third reading, amended and ordered
          reprinted, retaining its place on the order of third reading
 
        AN ACT to amend the not-for-profit  corporation  law  and  the  business
          corporation law, in relation to cooperative purchase applications
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. The not-for-profit corporation law is amended by  adding  a
     2  new section 519-b to read as follows:
     3  § 519-b. Residential cooperative corporations; ownership interests.
     4    (a)  Any  residential cooperative corporation incorporated pursuant to
     5  this chapter, shall establish uniform  processes  for  applying  to  and
     6  considering  applications  for  the purchase of certificates of stock, a
     7  proprietary lease or other evidence of an  ownership  interest  in  such
     8  residential cooperative corporation.
     9    (b)  Written  notice  of such processes shall be made available to any
    10  prospective purchasers and prospective sellers, or their respective real
    11  estate agents, promptly upon request.
    12    (c) At a minimum, such processes shall require the cooperative  corpo-
    13  ration,  upon  receiving an application from a prospective purchaser, to
    14  acknowledge receipt of such application within twenty-one  days  and  to
    15  include  in  such  acknowledgement  of  receipt  whether the application
    16  submitted fully satisfies the requirements therefor, the way or ways the
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06684-11-0

        A. 1267--D                          2
 
     1  submitted application is incomplete, and any additional materials neces-
     2  sary to effectuate consideration of the application.
     3    (d)  The  processes established pursuant to this section shall further
     4  require that, following the submission of a  completed  application  and
     5  all  additional  materials  requested in the acknowledgement of receipt,
     6  the board of directors shall notify the prospective purchaser  or  their
     7  agent  that the application is complete. Such notice shall state by what
     8  date review of the application will be complete and when the prospective
     9  purchaser or their agent will be notified whether consent to the sale is
    10  granted or denied.
    11    (e) Written notice that consent to the sale has been granted or denied
    12  shall be provided to the prospective purchaser no more than ninety  days
    13  after  the submission of a completed application. In the event a sale is
    14  denied, such notice shall state the reason for the denial. If no written
    15  notice is provided within ninety days, consent  to  the  sale  shall  be
    16  granted.
    17    (f)  Nothing in this section shall be construed to limit the rights or
    18  remedies provided by any other provision of law.
    19    § 2. The business corporation law is amended by adding a  new  section
    20  728 to read as follows:
    21  § 728. Residential cooperative corporations; ownership interests.
    22    (a)  Any  residential cooperative corporation incorporated pursuant to
    23  this chapter, shall establish uniform  processes  for  applying  to  and
    24  considering  applications  for  the purchase of certificates of stock, a
    25  proprietary lease or other evidence of an  ownership  interest  in  such
    26  residential cooperative corporation.
    27    (b)  Written  notice  of such processes shall be made available to any
    28  prospective purchasers and prospective sellers, or their respective real
    29  estate agents, promptly upon request.
    30    (c) At a minimum, such processes shall require the cooperative  corpo-
    31  ration  upon  receiving  an application from a prospective purchaser, to
    32  acknowledge receipt of such application and to include in such  acknowl-
    33  edgement  of  receipt  whether the application submitted fully satisfies
    34  the requirements therefor, the way or ways the submitted application  is
    35  incomplete, and any additional materials necessary to effectuate consid-
    36  eration of the application.
    37    (d)  The  processes established pursuant to this section shall further
    38  require that, following the submission of a  completed  application  and
    39  all  additional  materials  requested in the acknowledgement of receipt,
    40  the board of directors shall notify the prospective purchaser  or  their
    41  agent  that the application is complete. Such notice shall state by what
    42  date review of the application will be complete and when the prospective
    43  purchaser or their agent will be notified whether consent to the sale is
    44  granted or denied.
    45    (e) Written notice that consent to the sale has been granted or denied
    46  shall be provided to the prospective purchaser no more than ninety  days
    47  after  the submission of a completed application. In the event a sale is
    48  denied, such notice shall state the reason for the denial. If no written
    49  notice is provided within ninety days, consent  to  the  sale  shall  be
    50  granted.
    51    (f)  Nothing in this section shall be construed to limit the rights or
    52  remedies provided by any other provision of law.
    53    § 3. This act shall take effect on the one hundred twentieth day after
    54  it shall have become a law.
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