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A7512Assembly2019-2020 Session

Co-op Denial Reason Disclosure

Official title

“Requires the board of directors of a cooperative apartment corporation to notify applicants seeking to purchase shares of the corporation of the reason or reasons the board of directors has refused such request”

Sponsor Rodneyse Bichotte HermelynAD-42+3 co-sponsorsAffects Housing
Status
In Assembly Committee
Housing
Impact
4/10
Low
Passage
0%

Bill progress

Step 2 of 7

In committee · Housing

What's happening

This bill requires cooperative apartment boards to give written reasons to applicants when denying their request to purchase shares.

Why it matters

  1. Increases transparency and accountability. in the cooperative purchase process by requiring boards to give specific, documented reasons for denying applicants, which may help prevent arbitrary or discriminatory rejections.

  2. Empowers applicants. with information that could be used to challenge unfair or unlawful denials, potentially reducing opportunities for hidden bias or favoritism in co-op admissions.

  3. Establishes a clear timeline. (30 days) for boards to communicate their decision, helping applicants better plan their housing options and reducing uncertainty in what is often a lengthy, stressful process.

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Who cares

Headline styles

Co-op Denial Reason Disclosure

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Rodneyse Bichotte Hermelyn

Assembly Member · Assembly District 42

1 Multi-sponsor

History

  1. Referred to housing
  2. Referred to housing

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

7512

2019-2020 Regular Sessions

IN ASSEMBLY

May 8, 2019

Introduced by M. of A. BICHOTTE -- read once and referred to the Committee on Housing

AN ACT to amend the general business law, in relation to requiring the board of directors of a cooperative apartment corporation to notify applicants seeking to purchase shares of the corporation of the reason or reasons the board of directors has refused such request

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. The general business law is amended by adding a new section 352-m to read as follows:

§ 352-m. Denial of right to purchase shares of a cooperative corporation. In the event that the board of directors of a cooperative corporation denies the request of an applicant to purchase shares of such corporation allotted to a particular dwelling unit, the board of directors shall notify such applicant in writing of the reason or reasons the board of directors has denied the request to purchase the shares. Such notification shall be provided to the applicant within thirty days of the board's decision to deny the applicant's request to purchase the shares.

§ 2. This act shall take effect immediately.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD11120-01-9

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.