Bill Text: NY A08138 | 2009-2010 | General Assembly | Introduced

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Bill Title: Provides for an extension of time to the purchasing period for tenants to purchase a dwelling unit in a cooperative apartment building.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2010-04-13 - enacting clause stricken [A08138 Detail]

Download: New_York-2009-A08138-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8138
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                      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    S 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