Bill Text: NY A00607 | 2009-2010 | General Assembly | Introduced

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Bill Title: An act to amend the general business law, in relation to real estate syndication offerings

Sponsorship: Partisan Bill (Democrat 1)

Status: (Engrossed - Dead) 2010-02-01 - REFERRED TO JUDICIARY [A00607 Detail]

Download: New_York-2009-A00607-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          607
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 7, 2009
                                      ___________
       Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
         tee on Judiciary
       AN  ACT  to  amend  the general business law, in relation to real estate
         syndication offerings
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. Subdivision 1 of section 352-e of the general business law
    2  is amended by adding a new paragraph (d) to read as follows:
    3    (D) THE ATTORNEY GENERAL SHALL REFUSE TO ISSUE A LETTER  STATING  THAT
    4  THE OFFERING HAS BEEN FILED UNLESS THE OFFERING STATEMENT, PROSPECTUS OR
    5  PLAN  PROVIDES  THAT FOR UNOCCUPIED DWELLINGS AT THE TIME OCCUPANCY DOES
    6  COMMENCE OR FOR AN OCCUPIED DWELLING AT THE TIME THE  PLAN  IS  ACCEPTED
    7  FOR  FILING  THE  USE  FOR WHICH THE PROPERTY, AND EACH PART THEREOF, IS
    8  OFFERED WILL BE LEGAL AND AUTHORIZED BY APPLICABLE LOCAL ZONING,  BUILD-
    9  ING  AND HEALTH LAWS AND REGULATIONS, INCLUDING THE TERMS OF ANY CERTIF-
   10  ICATE OF OCCUPANCY ISSUED BY THE LOCALITY. THE PROVISIONS OF THIS  PARA-
   11  GRAPH  SHALL  NOT  APPLY  TO  PLANS  SUBMITTED PURSUANT TO SECTION THREE
   12  HUNDRED FIFTY-TWO-EE OF THIS ARTICLE.
   13    S 2. This act shall take effect immediately and  shall  apply  to  all
   14  offering  statements,  prospectuses  and plans to which paragraph (d) of
   15  subdivision 1 of section 352-e of the general business law, as added  by
   16  section one of this act, apply which are not yet accepted for filing.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02586-01-9