Bill S6522B-2011

Relates to the definition of private transfer fee obligations

Relates to the definition of private transfer fee obligations.

Details

Actions

  • Jun 20, 2012: SUBSTITUTED BY A9390B
  • Jun 5, 2012: ADVANCED TO THIRD READING
  • Jun 4, 2012: 2ND REPORT CAL.
  • May 31, 2012: 1ST REPORT CAL.985
  • Apr 4, 2012: PRINT NUMBER 6522B
  • Apr 4, 2012: AMEND AND RECOMMIT TO JUDICIARY
  • Mar 8, 2012: PRINT NUMBER 6522A
  • Mar 8, 2012: AMEND AND RECOMMIT TO JUDICIARY
  • Feb 21, 2012: REFERRED TO JUDICIARY

Votes

VOTE: COMMITTEE VOTE: - Judiciary - May 31, 2012
Ayes (20): Bonacic, DeFrancisco, Flanagan, Fuschillo, Lanza, LaValle, Little, Nozzolio, O'Mara, Ranzenhofer, Saland, Zeldin, Adams, Breslin, Dilan, Espaillat, Gianaris, Perkins, Serrano, Squadron
Ayes W/R (1): Krueger
Excused (2): Hassell-Thompson, Stavisky

Memo

BILL NUMBER:S6522B

TITLE OF BILL: An act to amend the real property law, in relation to definitions of private transfer fee obligations

PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to make technical amendments to Chapter 522 of the Laws of 2011 to ensure proper implementation of the intent the law.

SUMMARY OF SPECIFIC PROVISIONS: The bill would add language conforming to regulations in the private housing finance law to the "private transfer fee obligation act."

JUSTIFICATION: Profit sharing occurs when government housing departments create affordable housing cooperatives, and therefore shares a portion of the tax on re-sales of the units within these cooperatives. This language includes the entities left out of the original language that do not technically qualify as covenant as previously defined in the bill.

PRIOR LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: None.

EFFECTIVE DATE: This bill shall be deemed to have been in full force and effect on and after September 23, 2011.


Text

STATE OF NEW YORK ________________________________________________________________________ 6522--B IN SENATE February 21, 2012 ___________
Introduced by Sen. LIBOUS -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the real property law, in relation to definitions of private transfer fee obligations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 472 of the real property law is amended by adding three new paragraphs (j), (k) and (l) to read as follows: (J) ANY FEE, CHARGE OR ASSESSMENT PAYABLE BY THE TRANSFEREE TO A CORPORATION OR COMPANY FORMED PURSUANT TO THE PRIVATE HOUSING FINANCE LAW. (K) ANY FEE, CHARGE OR ASSESSMENT PAYABLE BY THE TRANSFEREE TO A CORPORATION OR COMPANY THAT HAS RECEIVED A LOAN OR SUBSIDY PURSUANT TO THE PRIVATE HOUSING FINANCE LAW OR GENERAL MUNICIPAL LAW. (L) ANY AMOUNTS PAYABLE TO A GOVERNMENT ENTITY. S 2. Paragraph (g) of subdivision 2 of section 472 of the real proper- ty law, as added by chapter 522 of the laws of 2011, is amended to read as follows: (g) Any fee, charge, assessment, fine, or other amount payable to a homeowners', condominium, cooperative, mobile home, or property owners' association pursuant to a declaration [or], covenant, DULY ADOPTED BY-LAW, PROPRIETARY LEASE or law applicable to such association, includ- ing, but not limited to, fees or charges payable for estoppel letters or certificates issued by the association or its authorized agent. No amount shall be paid to a homeowners', condominium, cooperative, mobile home, or property owners' association for the payment to the declarant of the condominium or the creator of a homeowners', cooperative, mobile home or property owners' association, or their designee. S 3. Section 473 of the real property law, as added by chapter 522 of the laws of 2011, is amended to read as follows:
S 473. Prohibition. A private transfer fee obligation recorded or entered into in this state on or after the effective date of this section does not run with the land and is not binding on or enforceable at law or in equity against any owner, purchaser, or mortgagee of any interest in real property as an equitable servitude or otherwise. Any private transfer fee obligation that is recorded or entered into in this state on or after the effective date of this section is void and unen- forceable. This section shall not apply to a private transfer fee obli- gation recorded or entered into prior to the effective date of this section. This section shall not be deemed to require that a private transfer fee obligation recorded, filed or entered into in this state before the effective date of this section is presumed valid and enforce- able. It is the public policy of this state that no private transfer fee obligation shall be valid or enforceable whenever entered into, recorded or filed. Furthermore, this article shall not validate any private transfer fee agreement that is contrary to the [laws] LAW of this state. S 4. This act shall take effect immediately and shall be deemed to have been in full force and effect on and after September 23, 2011.

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