What's happening
This bill clarifies annual reporting requirements for condominiums and cooperative housing corporations regarding conflicts of interest disclosures.
Why it matters
Clarifies which entities must comply. The bill specifically defines that only condominiums created under real property law and cooperative housing corporations created under business corporation law are subject to the annual conflict of interest disclosure requirements, closing any ambiguity about which organizations are covered.
Reduces legal confusion. By replacing older, less precise language, the bill aims to minimize uncertainty and potential legal disputes over which housing entities must file these annual reports, likely making compliance easier for boards and managers.
Ensures consistent governance standards. The clarification helps ensure that all covered condos and co-ops adhere to the same transparency and conflict disclosure standards, potentially improving trust and accountability among residents and stakeholders.
Aligns reporting with actual corporate structures. By tying the requirements to the method of creation (real property law or business corporation law), the bill makes the law more practical and relevant to how these entities are actually structured in New York.
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Who cares
Headline styles
Clarify Condo Annual Reports
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Signed chap.9
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading cal.699
- Substituted for A8993
- Referred to housing
- Delivered to assembly
- Passed senateVote 60–0
- Ordered to third reading cal.7
- Referred to rules
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.
Clarify Condo Report Rules
Assembly Floor Calendar · Sponsor Steven Cymbrowitz
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
7279
IN SENATE
January 5, 2018
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules
AN ACT to amend the not-for-profit corporation law and the business corporation law, in relation to annual reports submitted by condominium and cooperative housing corporations
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision (a) of section 519-a of the not-for-profit corporation law, as added by a chapter of the laws of 2017, amending the not-for-profit corporation law and the business corporation law, relating to conflicts of interests for condominium and cooperative housing, as proposed in legislative bills numbers S.6652-A and A.8261-A, is amended to read as follows:
(a) [Every condominium or cooperative housing corporation, incorporated pursuant to this chapter] A condominium created pursuant to the real property law or a cooperative housing corporation created pursuant to the business corporation law, shall, at least once each year:
§ 2. Subdivision (a) of section 727 of the business corporation law, as added by a chapter of the laws of 2017, amending the not-for-profit corporation law and the business corporation law, relating to conflicts of interests for condominium and cooperative housing, as proposed in legislative bills numbers S.6652-A and A.8261-A, is amended to read as follows:
(a) [Every condominium or cooperative housing corporation, incorporated pursuant to this chapter] A condominium created pursuant to the real property law or a cooperative housing corporation created pursuant to this chapter, shall, at least once each year:
§ 3. This act shall take effect on the same date and in the same manner as a chapter of the laws of 2017, amending the not-for-profit corporation law and the business corporation law, relating to conflicts of interests for condominium and cooperative housing, as proposed in legislative bills numbers S.6652-A and A.8261-A, takes effect.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13036-06-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the not-for-profit corporation law and the business corporation law, in relation to annual reports submitted by condominium and cooperative housing corporations
Purpose
To clarify and correct statutory references in Chapter 305 of the Laws of 2017, which amended certain provisions of § 519-a of the Not-For-Pro- fit Corporation Law and § 727 (a) of the Business Corporation Law.
Summary
Chapter 305 of the Laws of 2017 added a new § 519-a to the Not-For-Pro- fit Corporation Law, and a new § 727 to the Business Corporation Law. Each of these sections required that every condominium or cooperative housing corporation incorporated under those laws create and provide certain annual reports containing specific information about contracts entered into by the Board with a party having a conflict of interest. Each of those sections also contained an erroneous reference to condo- miniums or cooperative housing corporations "incorporated pursuant to this chapter". The bill amends each of those references to refer instead to a condominium created pursuant to the Real Property Law or a Cooper- ative Housing Corporation created pursuant to the Business Corporation Law.
Review of existing law
Chapter 305, referenced above, contains an inaccurate statutory refer- ence.
Justification
To correct the statutory reference in each relevant section of Chapter 305.
Legislative history
New Bill
Fiscal implications
None
Local fiscal implications
None
Effective date
Same date as Chapter 305 of the Laws of 2017
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.