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A09390 Summary:

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A09390 Floor Votes:

A09390 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         9390--B
 
                   IN ASSEMBLY
 
                                    February 24, 2012
                                       ___________
 
        Introduced  by M. of A. MORELLE -- read once and referred to the Commit-
          tee on Real Property Taxation -- reference changed to the Committee on
          Judiciary -- committee discharged, bill amended, ordered reprinted  as
          amended  and recommitted to said committee -- again reported from said
          committee with amendments, ordered reprinted as amended and  recommit-
          ted to said committee
 

        AN  ACT  to  amend  the real property law, in relation to definitions of
          private transfer fee obligations
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Subdivision  2 of section 472 of the real property law is
     2  amended by adding three new paragraphs (j),  (k)  and  (l)  to  read  as
     3  follows:
     4    (j)  Any  fee,  charge  or  assessment  payable by the transferee to a
     5  corporation or company formed pursuant to the  private  housing  finance
     6  law.
     7    (k)  Any  fee,  charge  or  assessment  payable by the transferee to a
     8  corporation or company that has received a loan or subsidy  pursuant  to
     9  the private housing finance law or general municipal law.

    10    (l) Any amounts payable to a government entity.
    11    § 2. Paragraph (g) of subdivision 2 of section 472 of the real proper-
    12  ty  law, as added by chapter 522 of the laws of 2011, is amended to read
    13  as follows:
    14    (g) Any fee, charge, assessment, fine, or other amount  payable  to  a
    15  homeowners',  condominium, cooperative, mobile home, or property owners'
    16  association pursuant to  a  declaration  [or],  covenant,  duly  adopted
    17  by-law, proprietary lease or law applicable to such association, includ-
    18  ing, but not limited to, fees or charges payable for estoppel letters or
    19  certificates  issued  by  the  association  or  its authorized agent. No
    20  amount shall be paid to a homeowners', condominium, cooperative,  mobile
    21  home,  or  property owners' association for the payment to the declarant

    22  of the condominium or the creator of a homeowners', cooperative,  mobile
    23  home or property owners' association, or their designee.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14661-04-2
        A. 9390--B                          2
 
     1    §  3. Section 473 of the real property law, as added by chapter 522 of
     2  the laws of 2011, is amended to read as follows:
     3    §  473.  Prohibition.  A  private  transfer fee obligation recorded or
     4  entered into in this state on  or  after  the  effective  date  of  this
     5  section  does not run with the land and is not binding on or enforceable
     6  at law or in equity against any owner, purchaser, or  mortgagee  of  any

     7  interest  in  real  property as an equitable servitude or otherwise. Any
     8  private transfer fee obligation that is recorded or entered into in this
     9  state on or after the effective date of this section is void  and  unen-
    10  forceable.  This section shall not apply to a private transfer fee obli-
    11  gation recorded or entered into prior to  the  effective  date  of  this
    12  section.  This  section  shall  not  be deemed to require that a private
    13  transfer fee obligation recorded, filed or entered into  in  this  state
    14  before the effective date of this section is presumed valid and enforce-
    15  able. It is the public policy of this state that no private transfer fee
    16  obligation shall be valid or enforceable whenever entered into, recorded
    17  or  filed.  Furthermore,  this  article  shall  not validate any private
    18  transfer fee agreement that is contrary to the [laws] law of this state.

    19    § 4. This act shall take effect immediately and  shall  be  deemed  to
    20  have been in full force and effect on and after September 23, 2011.