NY A02387

Establishes a bill of rights for residential condominium unit owners requiring boards of managers to process applications and dispute resolutions in a reasonably expeditious manner with written decisions explaining the reasons for denial.

Mandates posting of board election results with vote tallies within one business day, filling of board vacancies within 60 days, and resignation of board members who sell their units by the closing date.

Requires annual financial statements for the three most recent fiscal years and disclosure of any board member or officer relationships with service suppliers worth over $100.

Grants unit owners access to board minutes, financial records, bank statements, competitive bids over $5,000, and inspector reports upon ten days written notice, with limited exceptions for confidential matters.

Creates identical bill of rights protections for residential cooperative shareholders and authorizes the Attorney General to enforce these provisions and investigate complaints of non-compliance; existing associations have one year to amend their documents to comply.