Bill > A01505

This bill enacts a comprehensive bill of rights for owners of residential condominiums and cooperatives, designed to provide more transparency, fairness, and accountability from their governing boards. The bill establishes several key protections for unit owners and shareholders, including: requiring boards to process applications and dispute resolutions in a timely and uniform manner with written explanations; mandating prompt posting of election results; ensuring board vacancies are filled within 60 days; requiring board members who sell their unit to resign; demanding timely and detailed financial statements with disclosures about potential conflicts of interest; providing access to various documents like meeting minutes, financial records, and inspection reports within specified timeframes; requiring meeting notices to be prominently posted; and empowering the attorney general to investigate and enforce these provisions. For condominiums and cooperatives that already exist, they will have one year from the bill's effective date to amend their organizational documents to comply with these new requirements. Additionally, the attorney general is tasked with creating a handbook within six months that explains unit owners' rights and the procedures available to enforce those rights, making the complex world of condominium and cooperative governance more transparent and accessible to residents.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A1505