Bill Text: NY S09426 | 2023-2024 | General Assembly | Introduced

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Bill Title: Requires the board of directors of a cooperative apartment corporation to notify applicants seeking to purchase shares of the corporation of the reason or reasons the board of directors has refused such request.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-05-15 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S09426 Detail]

Download: New_York-2023-S09426-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9426

                    IN SENATE

                                      May 15, 2024
                                       ___________

        Introduced  by Sen. KAVANAGH -- 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 requiring the
          board of directors of a cooperative apartment  corporation  to  notify
          applicants seeking to purchase shares of the corporation of the reason
          or reasons the board of directors has refused such request

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

     1    Section 1. The general business law is amended by adding a new section
     2  352-m to read as follows:
     3    § 352-m. Denial of right to purchase shares of  a  cooperative  corpo-
     4  ration. In the event that the board of directors of a cooperative corpo-
     5  ration  denies  the  request  of an applicant to purchase shares of such
     6  corporation allotted to a particular dwelling unit, the board of  direc-
     7  tors shall notify such applicant in writing of the reason or reasons the
     8  board  of  directors has denied the request to purchase the shares. Such
     9  notification shall be provided to the applicant within  thirty  days  of
    10  the  board's  decision  to  deny the applicant's request to purchase the
    11  shares.
    12    § 2. This act shall take effect immediately.





         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01170-01-3