STATE OF NEW YORK
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8138
2009-2010 Regular Sessions
IN ASSEMBLY
May 5, 2009
___________
Introduced by M. of A. PERALTA -- read once and referred to the Commit-
tee 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
20 if the offeror refinances a cooperative building or group of buildings
21 or development during the purchase period.
22 § 2. This act shall take effect immediately; provided, however, that
23 the amendments made to section 352-eeee of the general business law by
24 section one of this act shall not affect the expiration of such section
25 and shall be deemed to expire therewith.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09540-01-9
