Bill Text: NY A02382 | 2025-2026 | General Assembly | Introduced

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Bill Title: Provides for the appeal of disputes between shareholders and boards of directors of residential cooperatives to a hearing officer appointed by the attorney general.

Spectrum: Bipartisan Bill

Status: (Introduced) 2025-01-16 - referred to corporations, authorities and commissions [A02382 Detail]

Download: New_York-2025-A02382-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2382

                               2025-2026 Regular Sessions

                   IN ASSEMBLY

                                    January 16, 2025
                                       ___________

        Introduced  by  M.  of  A.  GANDOLFO  --  Multi-Sponsored by -- M. of A.
          COLTON, COOK, RA -- read once and referred to the Committee on  Corpo-
          rations, Authorities and Commissions

        AN  ACT to amend the cooperative corporations law and the executive law,
          in relation to providing for the resolution of  disputes  between  the
          board  of  directors  of  residential  cooperative  corporations and a
          shareholder to be determined by a hearing  officer  appointed  by  the
          attorney general

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The cooperative corporations law is amended by adding a new
     2  section 78 to read as follows:
     3    § 78. Disputes to be heard by attorney  general;  residential  cooper-
     4  ative. A shareholder in a cooperative corporation which owns residential
     5  real  property  may  appeal  any decision by such corporation's board of
     6  directors to a hearing officer appointed by the attorney general  pursu-
     7  ant to subdivision eighteen of section sixty-three of the executive law.
     8  A  hearing  upon  such  appeal  shall  be heard within sixty days of the
     9  filing thereof with the department of law, with notice to the  board  of
    10  directors.  The  hearing officer shall provide each party an opportunity
    11  to be heard and render final determination based  on  the  evidence  and
    12  testimony presented at the hearing.
    13    § 2. Section 63 of the executive law is amended by adding a new subdi-
    14  vision 18 to read as follows:
    15    18.  Establish  an  appeals  process for the determination of disputes
    16  between shareholders and the boards of directors of  cooperative  corpo-
    17  rations  pursuant  to  section  seventy-eight  of the cooperative corpo-
    18  rations law. The attorney general shall appoint and empower such hearing
    19  officers as shall be necessary to hear and determine such appeals.
    20    § 3. This act shall take effect immediately, except that  section  one
    21  of  this  act  shall take effect on the first of January next succeeding
    22  the date on which it shall have become a law.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04554-01-5