Bill > A05227

This bill creates a comprehensive "Residential Condominium Owner's Bill of Rights" that applies to not-for-profit condominium associations managing 3,500 or more units, establishing six key rights for unit owners. These rights include the right to transparency, which mandates that financial statements, reports, and meeting minutes be made available quickly and comprehensively, detailing all expenditures and financial transactions; the right to timely decisions, requiring the board to process applications and resolve disputes expeditiously with written explanations; voting rights, which include calling meetings to fill board vacancies within 60 days, publicly posting election results, and requiring board members who sell their units to resign; the right to notice, ensuring all meetings are prominently posted in the condominium buildings; and the right against extraordinary expenses, which requires the board to propose and get unit owner input on expense limits at least every five years and obtain approval for significant non-emergency expenses. Additionally, the bill empowers the Attorney General to investigate and enforce these provisions, and requires the creation of a handbook explaining unit owners' rights within six months of the act's implementation. The law will take effect immediately, with existing condominium associations given one year to amend their documents to comply with the new requirements.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A5227