STATE OF NEW YORK
________________________________________________________________________
S. 2570 A. 6004
2009-2010 Regular Sessions
SENATE - ASSEMBLY
February 24, 2009
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IN SENATE -- Introduced by Sen. DIAZ -- read twice and ordered printed,
and when printed to be committed to the Committee on Housing,
Construction and Community Development
IN ASSEMBLY -- Introduced by M. of A. DIAZ -- read once and referred to
the Committee on Housing
AN ACT to amend the general business law, in relation to providing an
extension of time to the purchasing period for tenants to purchase a
dwelling unit in a cooperative apartment building
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 352-eeee of the general business law is amended by
2 adding three new subdivisions 2-a, 2-b and 2-c to read as follows:
3 2-a. Notwithstanding the time periods set forth in paragraph (a) of
4 subdivision two of this section, the offeror shall extend the purchase
5 period for an additional year from the original date and at the original
6 purchase price set forth in the offering statement or prospectus,
7 required by subdivision one of section three hundred fifty-two-e of this
8 article, to tenants intending to purchase a dwelling unit in such coop-
9 erative apartment building who have not been able to acquire the financ-
10 ing necessary to make such purchase during the purchase period provided
11 in the initial offering statement or prospectus.
12 2-b. Notwithstanding any other provision of law to the contrary, the
13 offeror shall not require a tenant to seek any additional financing upon
14 proof that such tenant has been denied financing from a financial insti-
15 tution. Such owner shall return any monies deposited by a tenant unable
16 to attain such financing.
17 2-c. Notwithstanding any other provision of law to the contrary, any
18 purchaser of a dwelling unit or condominium or other form of cooperative
19 interest in realty, shall have the option to void a purchase agreement
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09540-01-9
S. 2570 2 A. 6004
1 if the offeror refinances a cooperative building or group of buildings
2 or development during the purchase period.
3 § 2. This act shall take effect immediately; provided, however, that
4 the amendments made to section 352-eeee of the general business law by
5 section one of this act shall not affect the expiration of such section
6 and shall be deemed to expire therewith.
