Bill > S01177

This bill establishes comprehensive rules for the transition of control of homeowners' associations (HOAs) from developers to property owners, outlining specific circumstances that trigger the transfer of board control. The legislation mandates that homeowners can elect a majority of board members when certain events occur, such as when 90% of parcels in a residential housing community are conveyed to members other than the developer, or when the developer abandons responsibilities, files for bankruptcy, loses property through foreclosure, or has a receiver appointed. The bill also requires developers to deliver extensive documentation to the board during the transition, including property deeds, financial records, contracts, insurance policies, and a comprehensive roster of homeowners. Additionally, the bill provides definitions for key terms like "residential housing community" and "developer," and specifies that the transition rules apply to mandatory membership associations with the power to impose assessments. The legislation aims to protect homeowners' interests by ensuring transparent and structured transfer of HOA control from developers to community members, with clear guidelines about when and how this transition should occur.

Justice

https://www.nysenate.gov/legislation/bills/2025/S1177