Bill Text: NY S00314 | 2011-2012 | 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 1-0)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO BANKS [S00314 Detail]

Download: New_York-2011-S00314-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          314
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       Introduced  by  Sen.  DIAZ  --  read twice and ordered printed, and when
         printed to be committed to the Committee on Housing, Construction  and
         Community Development
       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.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01875-01-1
       S. 314                              2
    1    S  2.  This act shall take effect immediately; provided, however, that
    2  the amendments made to section 352-eeee of the general business  law  by
    3  section  one of this act shall not affect the expiration of such section
    4  and shall be deemed to expire therewith.