New York A 4507: Enacts the "fairness in cooperative homeownership act"

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A04507 Summary:

BILL NOA04507 

&nbsp

SAME ASSAME AS S01452

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SPONSORLavine (MS)

&nbsp

COSPNSRHunter, Glick, Steck, Stirpe, Jacobson, Jones, Burdick, Stern, Cunningham, Kelles, Santabarbara,
 Brabenec, DeStefano, DiPietro, Bendett, Beephan, Lemondes, Gallahan, Slater, Paulin, Bichotte
 Hermelyn

&nbsp

MLTSPNSRFitzpatrick

&nbsp

Add Art 11 §§360 - 366, RP L

&nbsp

Enacts the "fairness in cooperative homeownership act"; regulates the submission and determinations of applications for ownership of cooperative apartments.

Go to top A04507 Actions:

BILL NOA04507 

&nbsp

02/04/2025referred to housing

01/07/2026referred to housing

Go to topA04507 Committee&nbspVotes:

Go to topA04507 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA04507 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4507

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 4, 2025
 ___________

 Introduced by M. of A. LAVINE, HUNTER, GLICK, STECK, STIRPE, JACOBSON,
 JONES, BURDICK, STERN, CUNNINGHAM, KELLES, SANTABARBARA, BRABENEC,
 DeSTEFANO, DiPIETRO, BENDETT, BEEPHAN, LEMONDES, GALLAHAN -- Multi-
 Sponsored by -- M. of A. FITZPATRICK -- read once and referred to the
 Committee on Housing

 AN ACT to amend the real property law, in relation to the timing of
 decisions for the sales of cooperative apartments

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

 1 Section 1. Legislative findings. The legislature hereby finds and
 2 declares that residential cooperative purchasers are subject to proc-
 3 esses and conditions that do not also apply to the purchases of other
 4 single-family residences. The provisions of this act are not intended
 5 and do not diminish the duty of cooperative boards to uphold their
 6 established fiduciary duties. It is the intent of this act to signif-
 7 icantly improve the transparency of the cooperative purchase process to
 8 the benefit of all parties involved in the transaction.
 9 § 2. The real property law is amended by adding a new article 11 to
 10 read as follows:
 11 ARTICLE 11
 12 COOPERATIVE CORPORATIONS; TIMING OF DECISIONS
 13 Section 360. Short title.
 14 361. Definitions.
 15 362. Requirements for determination.
 16 363. Acknowledgement of receipt of application.
 17 364. Time for determination.
 18 365. Tolling of time.
 19 366. Construction.
 20 § 360. Short title. This article shall be known and may be cited as
 21 the "fairness in cooperative homeownership act".

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04158-01-5

 A. 4507 2

 1 § 361. Definitions. As used in this article, unless the context other-
 2 wise requires:
 3 1. "Application" means the set of documents utilized by a cooperative
 4 corporation to facilitate a prospective purchaser's acquisition of
 5 certificates of stock, a proprietary lease, or other evidence of an
 6 ownership interest in such cooperative corporation.
 7 2. "Cooperative corporation" means any corporation governed by the
 8 requirements of the state cooperative corporation law or the general
 9 business law, which among other things, grants persons the right to
 10 reside in a cooperative apartment, that right existing by such person's
 11 ownership of certificates of stock, proprietary lease, or other evidence
 12 of ownership of an interest in such entity.
 13 3. "Proprietary lease" means the lease or occupancy agreement by which
 14 a cooperative corporation permits a person to occupy an apartment in the
 15 premises owned by the cooperative corporation.
 16 4. "Prospective purchaser" means a person who has entered into a
 17 contract of sale to purchase the proprietary lease and the ownership
 18 interest in a cooperative corporation from a prospective seller.
 19 5. "Prospective seller" means a person who has a proprietary lease and
 20 an ownership interest in a cooperative corporation and who has entered
 21 into a contract of sale to sell the person's proprietary lease and
 22 ownership interest in a cooperative corporation to a prospective
 23 purchaser.
 24 6. "Sale" means the transfer of a person's ownership interest in a
 25 cooperative corporation and that person's proprie