Bill > A06505

This bill modifies New York's General Business Law to create an exemption for certain small-scale timesharing plans from filing requirements for real estate investment offerings. Specifically, the bill changes the definition of "time share" and creates a filing exemption for timesharing plans involving ten or fewer purchasers, with a key exception for New York City. The exemption applies only to properties whose sale price exceeds twice the median sales price for residential real property in the county, as determined by the tax commissioner. The bill aims to reduce regulatory burdens for smaller real estate investment arrangements while maintaining oversight for larger or more complex timesharing plans. For New York City, the existing stricter rules (involving three or more purchasers) will continue to apply. The bill will take effect 90 days after becoming law, with provisions allowing immediate preparation of any necessary regulatory implementations. This change is intended to provide more flexibility for small-scale real estate investment arrangements while preserving consumer protections for larger timesharing developments.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A6505