Senate Bill S2208

2019-2020 Legislative Session

Establishes certain rights for shareholders in limited-profit housing companies

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

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2019-S2208 (ACTIVE) - Details

Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §12, add §13-c, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2011-2012: S7076
2013-2014: S3381
2015-2016: S2249
2017-2018: S3802
2021-2022: S3370
2023-2024: S1507

2019-S2208 (ACTIVE) - Summary

Establishes certain rights for shareholders in limited-profit housing companies.

2019-S2208 (ACTIVE) - Sponsor Memo

2019-S2208 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2208
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 23, 2019
                                ___________
 
 Introduced  by  Sen.  BAILEY -- 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 private housing finance law, in relation to estab-
   lishing certain rights  for  shareholders  in  limited-profit  housing
   companies

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 12 of the private housing finance law is amended by
 adding a new subdivision 17 to read as follows:
   17. "SHAREHOLDER." A TENANT ENTITLED TO  OCCUPANCY  IN  A  PROJECT  BY
 REASON OF OWNERSHIP OF SHARES IN A COMPANY.
   §  2.  The  private  housing  finance  law  is amended by adding a new
 section 13-c to read as follows:
   § 13-C. RIGHTS OF SHAREHOLDERS. 1. NEW AND EXISTING SHAREHOLDERS SHALL
 RECEIVE THE FOLLOWING INFORMATION:
   (A) AN INITIAL BANK STATEMENT FROM THE COMPANY REFLECTING  THE  AMOUNT
 OF  THE  SUBSCRIPTION  OR DOWN PAYMENT INCLUDING, BUT NOT LIMITED TO THE
 NAME OF THE BANK, THE TYPE OF BANK ACCOUNT AND THE PROJECTED  PER  ANNUM
 INTEREST RATE;
   (B) FOR EACH YEAR OF TENANCY, SHAREHOLDERS SHALL RECEIVE A BANK STATE-
 MENT REFLECTING THE AMOUNT OF EQUITY IN THEIR BANK ACCOUNTS;
   (C) A COPY AND SYNOPSIS OF THE NEW YORK STATE REAL ESTATE LAWS GOVERN-
 ING  THE  MANAGEMENT  AND  DISTRIBUTION  OF SHAREHOLDERS' EQUITY AND THE
 ACCRUED EQUITY VALUE FOR COOPERATIVE APARTMENT UNITS.  SUCH  INFORMATION
 SHALL BE PRESENTED IN STRAIGHTFORWARD, EASILY COMPREHENSIBLE LANGUAGE;
   (D)  DETAILED  INFORMATION  OUTLINING THE PROCESS, POLICIES AND PROCE-
 DURES FOR SURRENDERING THE APARTMENT  UNIT  INCLUDING  TIME  FRAMES  FOR
 NOTIFYING  MANAGEMENT,  SHAREHOLDERS'  OBLIGATIONS,  MANAGEMENT'S  OBLI-
 GATIONS, A PUNCH LIST FOR  REQUIRED  SATISFACTORY  CONDITIONS  FOR  EACH
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05472-01-9
              

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