What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to housing, construction and community development
- Print number 298a
- Amend and recommit to housing, construction and community development
- Referred to housing, construction and community development
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.
Provides for an extension of time to the purchasing period for tenants to purchase a dwelling unit in a cooperative apartment building
In Assembly Committee · Housing · Sponsor Luis R. Sepúlveda
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S298A
Title of bill
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 two new subdivisions: 2-a and 2-b. Subdivision 2-a allows an offeror to extend the purchase period for an additional year from the original date set forth in the offering statement or prospectus, provided that a plan has not been deemed to be abandoned, void and not in effect Subdivision 2-b requires the sponsor to return deposits to purchasers upon denial of financing from two independent financial institutions.
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
2013: S.298-Referred to Housing. Construction and Community Development/A.3170-Referred to Housing. 2012: S.314- Referred to Banks 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, with provisions.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.