What's happening
This bill requires auditors to promptly disclose any findings affecting the fiscal health of condos or co-ops to buyers, owners, and boards.
Why it matters
Increases financial transparency for condo/co-op buyers and owners. By requiring auditors to promptly disclose any key findings about the fiscal health of a building, this bill aims to help buyers and residents make better-informed decisions and avoid hidden financial risks.
Strengthens accountability for building boards. The law ensures that both boards and residents are made aware of potential financial issues, which could push boards to address fiscal problems more proactively, rather than delay or obscure them.
Empowers stakeholders to request reports. Prospective buyers, current owners, and board members now have a clear right to obtain copies of completed auditor reports upon request, reducing information asymmetry and enhancing trust in the management process.
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Who cares
Headline styles
Disclose Condo Finances
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Reported referred to rules
- Referred to real property taxation
- Referred to real property taxation
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2241
2017-2018 Regular Sessions
IN ASSEMBLY
January 17, 2017
Introduced by M. of A. ROSENTHAL -- read once and referred to the Committee on Real Property Taxation
AN ACT to amend the real property law, in relation to the disclosure of information on the fiscal health of a condominium, cooperative apartment building or cooperative community to prospective buyers, current owners and the condominium board or the cooperative board
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Sections 339-gg, 339-hh and 339-ii of the real property law are renumbered sections 339-ll, 339-mm and 339-nn and a new section 339-gg is added to read as follows:
§ 339-gg. Auditors report. 1. Upon discovery of any written document or any other form of evidence which would materially impact an auditor's professional findings about the fiscal health of a condominium, cooperative apartment building or cooperative community, the auditor shall disclose such finding to prospective buyers, current owners and the condominium board or the cooperative board.
2. Disclosure shall be made in written form and shall be delivered to the prospective buyer or buyers within a reasonable time after discovery.
3. Upon written demand by prospective buyers, current owners, the condominium board or the cooperative board, the auditor shall provide a copy of the completed report within a reasonable time after such request is made.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05368-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.