New York S 1658: Relates to requiring helicopters be equipped with flight recorders, cockpit voice recorders and terrain awareness and warning systems

Bill Text

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S01658 Summary:

BILL NOS01658 

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SAME ASNo Same As

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SPONSORBAILEY

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COSPNSR

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MLTSPNSR

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Amd §12, add §13-d, Priv Hous Fin L

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Establishes certain rights for shareholders in limited-profit housing companies.

Go to top S01658 Actions:

BILL NOS01658 

&nbsp

01/13/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Go to topS01658 Committee&nbspVotes:

Go to topS01658 Floor&nbspVotes:

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

Go to topS01658 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1658

 2025-2026 Regular Sessions

 IN SENATE

 January 13, 2025
 ___________

 Introduced by Sen. BAILEY -- 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 private housing finance law, in relation to estab-
 lishing certain rights for shareholders in limited-profit housing
 companies

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

 1 Section 1. Section 12 of the private housing finance law is amended by
 2 adding a new subdivision 17 to read as follows:
 3 17. "Shareholder." A tenant entitled to occupancy in a project by
 4 reason of ownership of shares in a company.
 5 § 2. The private housing finance law is amended by adding a new
 6 section 13-d to read as follows:
 7 § 13-d. Rights of shareholders. 1. New and existing shareholders shall
 8 receive the following information:
 9 (a) an initial bank statement from the company reflecting the amount
 10 of the subscription or down payment including, but not limited to the
 11 name of the bank, the type of bank account and the projected per annum
 12 interest rate;
 13 (b) for each year of tenancy, shareholders shall receive a bank state-
 14 ment reflecting the amount of equity in their bank accounts;
 15 (c) a copy and synopsis of the New York state real estate laws govern-
 16 ing the management and distribution of shareholders' equity and the
 17 accrued equity value for cooperative apartment units. Such information
 18 shall be presented in straightforward, easily comprehensible language;
 19 (d) detailed information outlining the process, policies and proce-
 20 dures for surrendering the apartment unit including time frames for
 21 notifying management, shareholders' obligations, management's obli-
 22 gations, a punch list for required satisfactory conditions for each

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04694-01-5

 S. 1658 2

 1 room, allowances for normal wear and tear, and matters related to the
 2 equity distribution; and
 3 (e) the names of state officials or district management executives to
 4 contact in the event of any dispute related to the surrender of their
 5 housing.
 6 2. Shareholders shall identify a family member or designated contact
 7 person who shall assume responsibility for surrender of their housing in
 8 the event of a medical emergency or death. The required document shall
 9 be in such form and manner as the commissioner may prescribe. A nota-
 10 rized copy of the document shall be filed in the management office, and
 11 the original and copies maintained by the shareholder, family member or
 12 designated person.
 13 3. (a) Outgoing cooperative shareholders shall be liable for mainte-
 14 nance or carrying charges after surrendering their apartment units based
 15 on the following scale:
 16 (i) 0-45 days notification to the cooperative board - three months.
 17 (ii) 45-90 days notification to the cooperative board - two months.
 18 (iii) Over 90 days notification to the cooperative board - one month.
 19 (b) Shareholders shall be charged a maximum three months' carrying
 20 charges. If housing is surrendered involuntarily because of medical
 21 requirements or death, the maximum carrying charge to the shareholder
 22 shall be one month. Outgoing shareholders shall have the option for the
 23 incoming shareholder to purchase other personal property including, but
 24 not limited to kitchen appliances and carpeting.
 25 4. (a) The board of directors of each c