Bill Text: NY S00298 | 2013-2014 | General Assembly | Amended

New York Senate Bill 298 (Prior Session Legislation)

Bill Title: Provides for an extension of time to the purchasing period for tenants to purchase a dwelling unit in a cooperative apartment building.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-01-08 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S00298 Detail]

Download: New_York-2013-S00298-Amended.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        298--A
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 9, 2013
                                      ___________
       Introduced  by  Sen.  DIAZ  --  read twice and ordered printed, and when
         printed to be committed to the Committee on Housing, Construction  and
         Community  Development  -- committee discharged, bill amended, ordered
         reprinted as amended and recommitted to said committee
       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:
    1    Section  1. Section 352-eeee of the general business law is amended by
    2  adding two new subdivisions 2-a and 2-b to read as follows:
    3    2-A. PROVIDED THAT A PLAN HAS NOT BEEN DEEMED TO  BE  ABANDONED,  VOID
    4  AND NOT IN EFFECT AS DESCRIBED IN PARAGRAPH A OF SUBDIVISION TWO OF THIS
    5  SECTION,  AN  OFFEROR SHALL EXTEND THE PURCHASE PERIOD FOR AN ADDITIONAL
    6  YEAR FROM THE ORIGINAL DATE SET FORTH IN THE OFFERING STATEMENT OR PROS-
    7  PECTUS, REQUIRED BY SUBDIVISION ONE OF SECTION THREE HUNDRED FIFTY-TWO-E
    8  OF THIS ARTICLE, TO TENANTS INTENDING TO PURCHASE  A  DWELLING  UNIT  IN
    9  SUCH  COOPERATIVE  APARTMENT  BUILDING WHO HAVE NOT BEEN ABLE TO ACQUIRE
   10  THE FINANCING NECESSARY TO MAKE SUCH PURCHASE DURING THE PURCHASE PERIOD
   11  PROVIDED IN THE INITIAL OFFERING STATEMENT OR PROSPECTUS.
   12    2-B. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE  CONTRARY,  THE
   13  OFFEROR SHALL NOT REQUIRE A TENANT TO SEEK ANY ADDITIONAL FINANCING UPON
   14  PROOF  THAT  SUCH  TENANT HAS BEEN DENIED FINANCING FROM TWO INDEPENDENT
   15  FINANCIAL INSTITUTIONS. SUCH OWNER SHALL RETURN ANY MONIES DEPOSITED  BY
   16  A TENANT UNABLE TO ATTAIN SUCH FINANCING.
   17    S  2.  This act shall take effect immediately; provided, however, that
   18  the amendments made to section 352-eeee of the general business  law  by
   19  section  one of this act shall not affect the expiration of such section
   20  and shall be deemed to expire therewith.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00503-03-3