Bill > A07183

This bill requires residential cooperative corporations (organizations that own multi-unit residential buildings where residents buy shares and have the right to live in a specific unit) to establish a uniform, transparent process for considering applications to purchase ownership interests, such as stock certificates or proprietary leases. The bill mandates that these corporations must provide written notice of their application processes upon request and, when receiving an application, must acknowledge receipt within 21 days, specifying whether the application is complete or what additional materials are needed. After a completed application is submitted, the cooperative's board of directors must notify the prospective purchaser about the expected review timeline and when they will be informed about the sale's approval or denial. Furthermore, the bill requires that a decision must be communicated within 90 days, and if no response is provided during that period, the sale is automatically considered approved. If a sale is denied, the corporation must provide a specific reason for the denial. This legislation applies to both not-for-profit and business corporation law, aiming to create more standardized and predictable processes for potential cooperative residents. The act will take effect 120 days after becoming law.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A7183