Bill Text: NY A08112 | 2021-2022 | General Assembly | Introduced

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Bill Title: Prohibits board members of a cooperative housing corporation to serve as the listing agent for the co-op associated with their board status in a real estate transaction.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2022-01-05 - referred to judiciary [A08112 Detail]

Download: New_York-2021-A08112-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8112

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                      June 11, 2021
                                       ___________

        Introduced  by  M.  of  A. D. ROSENTHAL -- read once and referred to the
          Committee on Judiciary

        AN ACT to amend the cooperative corporations law, in relation to prohib-
          iting board members of a cooperative housing corporation to  serve  as
          the  listing agent for the co-op associated with their board status in
          a real estate transaction

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

     1    Section 1. The cooperative corporations law is amended by adding a new
     2  section 78 to read as follows:
     3    §  78. Cooperative housing corporations; board members prohibited from
     4  being listing agents. 1. For purposes of  this  section,  the  following
     5  terms shall have the following meanings:
     6    (a)  "Cooperative  housing  corporation"  means  a  corporation formed
     7  pursuant to this chapter or article four of the business corporation law
     8  that owns or leases residential premises and  operates  the  same  on  a
     9  cooperative basis.
    10    (b)  "Member" means a natural person holding a membership in a cooper-
    11  ative housing corporation, whether evidenced by a certificate of member-
    12  ship or by a certificate of stock or by other authorized means of  iden-
    13  tification.
    14    2. No cooperative housing corporation shall permit an individual serv-
    15  ing on the board of directors of such corporation to serve simultaneous-
    16  ly  as  a listing agent for the sale of any dwelling unit located on the
    17  premises of such cooperative housing corporation.
    18    3. Any member shall be permitted to choose a listing agent of  his  or
    19  her  choosing  for  the  purposes  of  selling  his or her dwelling unit
    20  located on the premises of a cooperative housing corporation.
    21    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11378-01-1