NY S07744

Establishes the "New York state racing franchise accountability and transparency act of 2012" to restructure The New York Racing Association, Inc. under temporary public control for three years before returning to private not-for-profit control.

Creates a 17-member New York Racing Association Reorganization Board consisting of 5 members elected by current Class A directors, 8 appointed by the Governor, 2 appointed by the Senate President, and 2 appointed by the Assembly Speaker, plus 2 ex officio advisory members from horse breeding and racing industry associations.

Requires the Governor to nominate a Board Chair subject to majority board confirmation, with all non-ex officio members having equal voting rights and serving at the pleasure of their appointing authority.

Mandates annual written disclosure by all voting board members of any interests held by themselves, their spouses, or unemancipated children in racing or breeding industry entities, with the board establishing reporting parameters.

Delays the effective date of related gaming commission provisions from October 1, 2012 to February 1, 2013, with sections creating the reorganization board taking effect upon appointment of a majority of public directors.