What's happening
This bill requires auditors to promptly disclose any findings about the fiscal health of condominiums or cooperatives to buyers, owners, and boards.
Why it matters
Increases transparency and accountability. By mandating auditors to disclose material findings about a building’s financial health, the bill empowers buyers and owners with critical information to make informed decisions and potentially avoid financially unstable properties.
Gives buyers and owners stronger rights. Prospective and current owners, as well as boards, gain the explicit right to request and receive full audit reports, helping them better understand risks, upcoming expenses, or mismanagement in their building or community.
Promotes more responsible building management. Knowing that financial issues or mismanagement must be promptly disclosed could incentivize boards and managers to address problems proactively, potentially leading to better long-term maintenance and financial planning.
May impact property values and market dynamics. With mandatory disclosure of fiscal health, properties with hidden financial problems may be harder to sell, but overall market trust could increase, benefiting buyers and responsible sellers alike.
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Who cares
Headline styles
Require Condo Financial Disclosure
Plain English, a few words. Used as the page title.
Sponsors
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History
- Referred to housing
- Referred to housing
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1446
2019-2020 Regular Sessions
IN ASSEMBLY
January 15, 2019
Introduced by M. of A. L. ROSENTHAL -- read once and referred to the Committee on Housing
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.
LBD02512-01-9
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.