Relates to the definition of private transfer fee obligations.

---

S6522B-2011 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

S6522B-2011 Meetings

Judiciary: May 31, 2012

S6522B-2011 Calendars

Active List: Jun 20, 2012 , Floor Calendar: Jun 4, 2012 , Floor Calendar: Jun 5, 2012 , Floor Calendar: Jun 6, 2012 , Floor Calendar: Jun 11, 2012 , Floor Calendar: Jun 12, 2012 , Floor Calendar: Jun 13, 2012 , Floor Calendar: Jun 14, 2012 , Floor Calendar: Jun 18, 2012 , Floor Calendar: Jun 19, 2012 , Floor Calendar: Jun 20, 2012

S6522B-2011 Votes

S6522B-2011 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.

S6522B-2011 Text

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

                                   6522--B

                              I N  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:


   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD14661-05-2

 S. 6522--B                          2

    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.