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History
- Referred to banks
- Committee discharged and committed to banks
- Notice of committee consideration - requested
- Referred to housing, construction and community development
Full text
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Sponsor's memo
BILL NUMBER:S314
Title of bill
REVISED 12/30/11 An act to amend the general business law, in relation to providing an extension of time to the purchasing period for tenants to purchase a dwelling unit in a cooperative apartment building
Purpose
To protect the opportunity for low and middle income families to purchase a cooperative or condominium dwelling during their purchase period and to prevent the recent mortgage and credit crisis from affecting or denying such opportunity of home ownership.
Summary of provisions
Section 1. Amends Section 352-eeee of the General Business Law by adding three new subdivisions: 2-a, 2-b, and 2-c. 2-a: allows the offeror to extend the purchase period for one year. 2-b: requires the sponsor to return deposits to purchasers upon denial of financing. 2-c: allows the purchaser to void purchase agreement if sponsor refinances during purchase period.
Section 2. Effective Date
Existing law
General Business Law; Article 23-A, Fraudulent Practices in Respect to Stocks, Bonds and Other Securities; Section 352-eeee, Conversions to Cooperative or Condominium Ownership in the City of New York
Justification
Due to the sub-prime mortgage crisis for low and middle income residents seeking to purchase a coop in a non-eviction plan, these residents have been placed in a precarious situation vis-a-vis the opportunity to obtain financing.
In addition, based upon the sub-prime mortgage fiasco, it is necessary to move diligently with regards to financing by the sponsor of the property after the acceptance of the coop plan. This relates to the refinancing of the properties which will result in an apparent diminution of value of the apartments/coop.
Legislative history
2011: S.314 - Discharged from Housing, Construction and Community Development and Committed to Banks 2010: S.2570 - Referred to Housing, Construction and Community Development/A.8138 Enacting Clause Stricken 2009: S.2570 - Referred to Housing, Construction and Community Development/A.8138 Referred to Housing 2009: Uni Bill S.2570 - Referred to Housing, Construction and Community Development A.6004 - Enacting Clause Stricken
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.