NY A01623

Requires all residential cooperative corporations to establish uniform processes for reviewing applications to purchase ownership interests (certificates of stock, proprietary leases, or other ownership evidence).

Mandates that cooperatives acknowledge receipt of purchase applications within 21 days and specify whether the application is complete, incomplete, or requires additional materials.

Requires cooperatives to notify applicants of the completion date for their review and when a decision will be provided, with final notice of approval or denial due within 90 days of submitting a complete application.

Establishes automatic approval if the cooperative fails to provide written notice within 90 days, and requires cooperatives to state the reason for any denial.

Applies to residential cooperative corporations incorporated under both the Not-for-Profit Corporation Law and the Business Corporation Law, with an effective date 120 days after enactment.