New York S 2098: Requires the board of directors of a cooperative housing corporation to notify applicants seeking to purchase shares of the corporation of the reason or reasons the board of directors has refused such request

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S02098 Summary:

BILL NOS02098A

&nbsp

SAME ASSAME AS A07090-A

&nbsp

SPONSORKAVANAGH

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §728, BC L; add §519-b, N-PC L

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Requires the board of directors of a residential cooperative housing corporation to notify applicants seeking to purchase shares of the corporation of the reason or reasons the board of directors has refused such request.

Go to top S02098 Actions:

BILL NOS02098A

&nbsp

01/15/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

06/09/2025AMEND (T) AND RECOMMIT TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

06/09/2025PRINT NUMBER 2098A

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

Go to topS02098 Committee&nbspVotes:

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

Go to topS02098 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2098--A

 2025-2026 Regular Sessions

 IN SENATE

 January 15, 2025
 ___________

 Introduced by Sen. KAVANAGH -- read twice and ordered printed, and when
 printed to be committed to the Committee on Housing, Construction and
 Community Development -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee

 AN ACT to amend the business corporation law and the not-for-profit
 corporation law, in relation to requiring the board of directors of a
 residential 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 business corporation law is amended by adding a new
 2 section 728 to read as follows:
 3 § 728. Denial of right to purchase shares of a residential cooperative
 4 housing corporation.
 5 In the event that the board of directors of a residential cooperative
 6 housing corporation incorporated pursuant to this chapter denies the
 7 request of an applicant to purchase shares of such corporation allotted
 8 to a particular dwelling unit, the board of directors shall notify such
 9 applicant in writing of the reason or reasons the board of directors has
 10 denied the request to purchase the shares. Such notification shall be
 11 provided to the applicant within thirty days of the board's decision to
 12 deny the applicant's request to purchase the shares.
 13 § 2. The not-for-profit corporation law is amended by adding a new
 14 section 519-b to read as follows:
 15 § 519-b. Denial of right to purchase shares of a residential cooperative
 16 housing corporation.
 17 In the event that the board of directors of a residential cooperative
 18 housing corporation incorporated pursuant to this chapter denies the
 19 request of an applicant to purchase shares of such corporation allotted
 20 to a particular dwelling unit, the board of directors shall notify such

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05826-03-5

 S. 2098--A 2

 1 applicant in writing of the reason or reasons the board of directors
 2 has denied the request to purchase the shares. Such notification shall
 3 be provided to the applicant within thirty days of the board's decision
 4 to deny the applicant's request to purchase the shares.
 5 § 3. This act shall take effect immediately.

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