NY A07637

Requires all voting board members of limited-profit housing companies to complete a minimum of 2 hours of training on financial oversight, accountability, and fiduciary responsibilities within their first year and at least once every 3 years thereafter.

Requires board members to complete additional training on the powers, functions, and duties of the board and other governing authorities affecting such companies, using the same frequency and timeline as the financial oversight training.

Mandates board members file certificates of training completion with the company secretary, which must be distributed annually to shareholders and submitted to the commissioner 60 days before board elections.

Authorizes the commissioner or supervising agency to provide training at no cost to trainees or boards, and to approve alternative training providers who demonstrate understanding of cooperative homeownership and fiduciary responsibilities.

Requires the commissioner or supervising agency to hold periodic meetings with company boards to discuss financial oversight, accountability, fiduciary responsibilities, and the powers and duties of governing authorities.