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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A9390B
- Advanced to third reading
- 2nd report cal.
- 1st report cal.985
- Print number 6522b
- Amend and recommit to judiciary
- Print number 6522a
- Amend and recommit to judiciary
- Referred to judiciary
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the definition of private transfer fee obligations
Signed by Governor · Sponsor Joseph Morelle
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6522B
Title of bill
An act to amend the real property law, in relation to definitions of private transfer fee obligations
Purpose or general idea of bill
The purpose of this bill is to make technical amendments to Chapter 522 of the Laws of 2011 to ensure proper implementation of the intent the law.
Summary of specific provisions
The bill would add language conforming to regulations in the private housing finance law to the "private transfer fee obligation act."
Justification
Profit sharing occurs when government housing departments create affordable housing cooperatives, and therefore shares a portion of the tax on re-sales of the units within these cooperatives. This language includes the entities left out of the original language that do not technically qualify as covenant as previously defined in the bill.
Prior legislative history
New bill.
Fiscal implications for state and local governments
None.
Effective date
This bill shall be deemed to have been in full force and effect on and after September 23, 2011.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.