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