Senate Bill S298A

2013-2014 Legislative Session

Provides for an extension of time to the purchasing period for tenants to purchase a dwelling unit in a cooperative apartment building

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

Bill Amendments

2013-S298 - Details

See Assembly Version of this Bill:
A3170
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
General Business Law
Laws Affected:
Amd §352-eeee, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2570
2011-2012: S314
2015-2016: S271, A5552
2017-2018: S4912, A2732

2013-S298 - Summary

Provides for an extension of time to the purchasing period for tenants to purchase a dwelling unit in a cooperative apartment building.

2013-S298 - Sponsor Memo

2013-S298 - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   298

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen.  DIAZ  --  read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community Development

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

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 352-eeee of the general business law is amended  by
adding three new subdivisions 2-a, 2-b and 2-c to read as follows:
  2-A.  NOTWITHSTANDING  THE  TIME PERIODS SET FORTH IN PARAGRAPH (A) OF
SUBDIVISION TWO OF THIS SECTION, THE OFFEROR SHALL EXTEND  THE  PURCHASE
PERIOD FOR AN ADDITIONAL YEAR FROM THE ORIGINAL DATE AND AT THE ORIGINAL
PURCHASE  PRICE  SET  FORTH  IN  THE  OFFERING  STATEMENT OR PROSPECTUS,
REQUIRED BY SUBDIVISION ONE OF SECTION THREE HUNDRED FIFTY-TWO-E OF THIS
ARTICLE, TO TENANTS INTENDING TO PURCHASE A DWELLING UNIT IN SUCH  COOP-
ERATIVE APARTMENT BUILDING WHO HAVE NOT BEEN ABLE TO ACQUIRE THE FINANC-
ING  NECESSARY TO MAKE SUCH PURCHASE DURING THE PURCHASE PERIOD PROVIDED
IN THE INITIAL OFFERING STATEMENT OR PROSPECTUS.
  2-B. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE  CONTRARY,  THE
OFFEROR SHALL NOT REQUIRE A TENANT TO SEEK ANY ADDITIONAL FINANCING UPON
PROOF THAT SUCH TENANT HAS BEEN DENIED FINANCING FROM A FINANCIAL INSTI-
TUTION.  SUCH OWNER SHALL RETURN ANY MONIES DEPOSITED BY A TENANT UNABLE
TO ATTAIN SUCH FINANCING.
  2-C. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE  CONTRARY,  ANY
PURCHASER OF A DWELLING UNIT OR CONDOMINIUM OR OTHER FORM OF COOPERATIVE
INTEREST  IN  REALTY, SHALL HAVE THE OPTION TO VOID A PURCHASE AGREEMENT
IF THE OFFEROR REFINANCES A COOPERATIVE BUILDING OR GROUP  OF  BUILDINGS
OR DEVELOPMENT DURING THE PURCHASE PERIOD.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00503-01-3
              

2013-S298A (ACTIVE) - Details

See Assembly Version of this Bill:
A3170
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
General Business Law
Laws Affected:
Amd §352-eeee, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2570
2011-2012: S314
2015-2016: S271, A5552
2017-2018: S4912, A2732

2013-S298A (ACTIVE) - Summary

Provides for an extension of time to the purchasing period for tenants to purchase a dwelling unit in a cooperative apartment building.

2013-S298A (ACTIVE) - Sponsor Memo

2013-S298A (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 298--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen.  DIAZ  --  read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community  Development  -- committee discharged, bill amended, ordered
  reprinted as amended and recommitted to said committee

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

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Section 352-eeee of the general business law is amended by
adding two new subdivisions 2-a and 2-b to read as follows:
  2-A. PROVIDED THAT A PLAN HAS NOT BEEN DEEMED TO  BE  ABANDONED,  VOID
AND NOT IN EFFECT AS DESCRIBED IN PARAGRAPH A OF SUBDIVISION TWO OF THIS
SECTION,  AN  OFFEROR SHALL EXTEND THE PURCHASE PERIOD FOR AN ADDITIONAL
YEAR FROM THE ORIGINAL DATE SET FORTH IN THE OFFERING STATEMENT OR PROS-
PECTUS, REQUIRED BY SUBDIVISION ONE OF SECTION THREE HUNDRED FIFTY-TWO-E
OF THIS ARTICLE, TO TENANTS INTENDING TO PURCHASE  A  DWELLING  UNIT  IN
SUCH  COOPERATIVE  APARTMENT  BUILDING WHO HAVE NOT BEEN ABLE TO ACQUIRE
THE FINANCING NECESSARY TO MAKE SUCH PURCHASE DURING THE PURCHASE PERIOD
PROVIDED IN THE INITIAL OFFERING STATEMENT OR PROSPECTUS.
  2-B. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE  CONTRARY,  THE
OFFEROR SHALL NOT REQUIRE A TENANT TO SEEK ANY ADDITIONAL FINANCING UPON
PROOF  THAT  SUCH  TENANT HAS BEEN DENIED FINANCING FROM TWO INDEPENDENT
FINANCIAL INSTITUTIONS. SUCH OWNER SHALL RETURN ANY MONIES DEPOSITED  BY
A TENANT UNABLE TO ATTAIN SUCH FINANCING.
  S  2.  This act shall take effect immediately; provided, however, that
the amendments made to section 352-eeee of the general business  law  by
section  one of this act shall not affect the expiration of such section
and shall be deemed to expire therewith.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00503-03-3
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.