Bill Text: NY A01064 | 2023-2024 | General Assembly | Introduced

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Bill Title: Requires the board of directors of a cooperative apartment corporation to notify applicants seeking to purchase shares of the corporation of the reason or reasons the board of directors has refused such request.

Spectrum: Moderate Partisan Bill (Democrat 9-1)

Status: (Introduced) 2024-01-03 - referred to housing [A01064 Detail]

Download: New_York-2023-A01064-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1064

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 13, 2023
                                       ___________

        Introduced by M. of A. BICHOTTE HERMELYN, DURSO, GLICK, EPSTEIN, RIVERA,
          TAYLOR,  JOYNER,  SIMON  -- read once and referred to the Committee on
          Housing

        AN ACT to amend the general business law, in relation to  requiring  the
          board  of  directors  of a cooperative apartment corporation to notify
          applicants seeking to purchase shares of the corporation of the reason
          or reasons the board of directors has refused such request

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section 1. The general business law is amended by adding a new section
     2  352-m to read as follows:
     3    §  352-m.  Denial  of right to purchase shares of a cooperative corpo-
     4  ration. In the event that the board of directors of a cooperative corpo-
     5  ration denies the request of an applicant to  purchase  shares  of  such
     6  corporation  allotted to a particular dwelling unit, the board of direc-
     7  tors shall notify such applicant in writing of the reason or reasons the
     8  board of directors has denied the request to purchase the  shares.  Such
     9  notification  shall  be  provided to the applicant within thirty days of
    10  the board's decision to deny the applicant's  request  to  purchase  the
    11  shares.
    12    § 2. This act shall take effect immediately.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01170-01-3