Bill > S01452

This bill enacts the "Fairness in Cooperative Homeownership Act," which establishes new regulations for the cooperative apartment purchase application process. The legislation requires cooperative corporations to maintain a standardized application and provide clear requirements to prospective buyers and sellers. Under the new law, when a prospective purchaser submits an application, the cooperative corporation must acknowledge receipt within 10 business days, specifying whether the application is complete or detailing any missing information. The cooperative corporation must then make a decision about approving or denying the sale within 45 days, with the option of one 14-day extension. If no decision is made after 45 days and the extension, the prospective purchaser can send a 10-day notice, after which the sale will be deemed approved if no action is taken. The bill also accounts for seasonal variations by allowing boards that do not meet during July and August to have additional time to process applications. Importantly, the legislation aims to improve transparency in the cooperative purchase process while maintaining the board's ability to make substantive decisions about potential sales, and it does not diminish the board's existing fiduciary duties.

Justice

https://www.nysenate.gov/legislation/bills/2025/S1452