Bill Text: NY A09390 | 2011-2012 | General Assembly | Amended
Bill Title: Relates to the definition of private transfer fee obligations.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2012-08-17 - signed chap.386 [A09390 Detail]
Download: New_York-2011-A09390-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
9390--B
I N A S S E M B L Y
February 24, 2012
___________
Introduced by M. of A. MORELLE -- read once and referred to the Commit-
tee on Real Property Taxation -- reference changed to the Committee on
Judiciary -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee -- again reported from said
committee with amendments, ordered reprinted as amended and recommit-
ted to said committee
AN ACT to amend the real property law, in relation to definitions of
private transfer fee obligations
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subdivision 2 of section 472 of the real property law is
2 amended by adding three new paragraphs (j), (k) and (l) to read as
3 follows:
4 (J) ANY FEE, CHARGE OR ASSESSMENT PAYABLE BY THE TRANSFEREE TO A
5 CORPORATION OR COMPANY FORMED PURSUANT TO THE PRIVATE HOUSING FINANCE
6 LAW.
7 (K) ANY FEE, CHARGE OR ASSESSMENT PAYABLE BY THE TRANSFEREE TO A
8 CORPORATION OR COMPANY THAT HAS RECEIVED A LOAN OR SUBSIDY PURSUANT TO
9 THE PRIVATE HOUSING FINANCE LAW OR GENERAL MUNICIPAL LAW.
10 (L) ANY AMOUNTS PAYABLE TO A GOVERNMENT ENTITY.
11 S 2. Paragraph (g) of subdivision 2 of section 472 of the real proper-
12 ty law, as added by chapter 522 of the laws of 2011, is amended to read
13 as follows:
14 (g) Any fee, charge, assessment, fine, or other amount payable to a
15 homeowners', condominium, cooperative, mobile home, or property owners'
16 association pursuant to a declaration [or], covenant, DULY ADOPTED
17 BY-LAW, PROPRIETARY LEASE or law applicable to such association, includ-
18 ing, but not limited to, fees or charges payable for estoppel letters or
19 certificates issued by the association or its authorized agent. No
20 amount shall be paid to a homeowners', condominium, cooperative, mobile
21 home, or property owners' association for the payment to the declarant
22 of the condominium or the creator of a homeowners', cooperative, mobile
23 home or property owners' association, or their designee.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14661-04-2
A. 9390--B 2
1 S 3. Section 473 of the real property law, as added by chapter 522 of
2 the laws of 2011, is amended to read as follows:
3 S 473. Prohibition. A private transfer fee obligation recorded or
4 entered into in this state on or after the effective date of this
5 section does not run with the land and is not binding on or enforceable
6 at law or in equity against any owner, purchaser, or mortgagee of any
7 interest in real property as an equitable servitude or otherwise. Any
8 private transfer fee obligation that is recorded or entered into in this
9 state on or after the effective date of this section is void and unen-
10 forceable. This section shall not apply to a private transfer fee obli-
11 gation recorded or entered into prior to the effective date of this
12 section. This section shall not be deemed to require that a private
13 transfer fee obligation recorded, filed or entered into in this state
14 before the effective date of this section is presumed valid and enforce-
15 able. It is the public policy of this state that no private transfer fee
16 obligation shall be valid or enforceable whenever entered into, recorded
17 or filed. Furthermore, this article shall not validate any private
18 transfer fee agreement that is contrary to the [laws] LAW of this state.
19 S 4. This act shall take effect immediately and shall be deemed to
20 have been in full force and effect on and after September 23, 2011.
