New York S 5602: Relates to the takeover and restructuring of failing schools

Bill Text

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S05602 Summary:

BILL NOS05602 

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SAME ASSAME AS A06505

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SPONSORMAY

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COSPNSR

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MLTSPNSR

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Amd §§157 & 352-e, Gen Bus L

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Exempts certain timesharing plans involving ten or fewer purchasers from certain filing requirements relating to real estate investments; excludes New York City.

Go to top S05602 Actions:

BILL NOS05602 

&nbsp

02/25/2025REFERRED TO CONSUMER PROTECTION

01/07/2026REFERRED TO CONSUMER PROTECTION

Go to topS05602 Committee&nbspVotes:

Go to topS05602 Floor&nbspVotes:

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

Go to topS05602 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5602

 2025-2026 Regular Sessions

 IN SENATE

 February 25, 2025
 ___________

 Introduced by Sen. MAY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Consumer Protection

 AN ACT to amend the general business law, in relation to certain real
 estate syndication offerings

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

 1 Section 1. Subdivision 4 of section 157 of the general business law,
 2 as added by chapter 754 of the laws of 1990, is amended to read as
 3 follows:
 4 4. "Time share" means an interest in any arrangement, plan, scheme, or
 5 similar device, whether by membership, agreement, tenancy in common,
 6 sale, lease, deed, rental agreement, license, or right-to-use agreement
 7 or by any other means, whereby more than ten purchasers, or, in a city
 8 with a population of one million or more, three or more purchasers, in
 9 exchange for a consideration, receive ownership rights in or a right to
 10 use the same accommodations or facilities in real property, or both, for
 11 different intervals of less than a full year during any given year, but
 12 not necessarily for consecutive years, and which extend for a period of
 13 more than three years or which, for nominal consideration, may be
 14 renewed to continue for a period of more than three years.
 15 § 2. Paragraph (a) of subdivision 1 of section 352-e of the general
 16 business law, as amended by chapter 1085 of the laws of 1968, is amended
 17 to read as follows:
 18 (a) It shall be illegal and prohibited for any person, partnership,
 19 corporation, company, trust or association, or any agent or employee
 20 thereof, to make or take part in a public offering or sale in or from
 21 the state of New York of securities constituted of participation inter-
 22 ests or investments in real estate, mortgages or leases, including
 23 stocks, bonds, debentures, evidences of interest or indebtedness, limit-
 24 ed partnership interests or other security or securities as defined in
 25 section three hundred fifty-two of this article, when such securities

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09575-01-5

 S. 5602 2

 1 consist primarily of participation interests or investments in one or
 2 more real estate ventures, including cooperative interests in realty,
 3 unless and until there shall have been filed with the department of law,
 4 prior to such offering, a written statement or statements, to be known
 5 as an "offering statement" or "prospectus" concerning the contemplated
 6 offering which shall contain the information and representations
 7 required by paragraph (b) of this subdivision unless the security offer-
 8 ing is exempted hereunder or under subdivision two of section three
 9 hundred fifty-nine-f[, subdivision two,] of this article by rule or
 10 action of the attorney general. Provided however, for purposes of this
 11 section, except in a city with a population of one million or more,
 12 timesharing plans involving ten or fewer purchasers shall be exempted
 13 from filing requirements under this section if such purchasers obtain
 14 use rights or ownership rights in a single property or unit, the sale
 15 price of which exceeds two times the median sales price for residential
 16 real property for the county in which such property or unit is located,
 17 as determined by the commissioner of taxation and finance. The term
 18 "real estate" as used in [the] this paragraph shall not include mineral,
 19 oil or timber lea