Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to housing, construction and community development |
Jan 07, 2015 |
referred to housing, construction and community development |
Senate Bill S271
2015-2016 Legislative Session
Sponsored By
(D) Senate District
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
Actions
co-Sponsors
(D) Senate District
2015-S271 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A5552
- 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
2013-2014: S298, A3170
2017-2018: S4912, A2732
2015-S271 (ACTIVE) - Sponsor Memo
BILL NUMBER: S271 TITLE OF BILL : 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 PURPOSE : To protect the opportunity for low and middle income families to purchase a cooperative or condominium dwelling during their purchase period and to prevent the recent mortgage and credit crisis from affecting or denying such opportunity of home ownership. SUMMARY OF PROVISIONS : Section 1. Amends the General Business Law, section 352-eeee by adding two new subdivisions: 2-a and 2-b. Subdivision 2-a allows an offeror to extend the purchase period for an additional year from the original date set forth in the offering statement or prospectus, provided that a plan has not been deemed to be abandoned, void and not in effect. Subdivision 2-b requires the sponsor to return deposits to purchasers upon denial of financing from two independent financial institutions. Section 2. Effective Date
2015-S271 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 271 2015-2016 Regular Sessions I N S E N A T E (PREFILED) January 7, 2015 ___________ 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 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. LBD00343-01-5
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