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NY A07671
Bill
Status
7/16/2021
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Requires mutual companies to provide tenant-cooperators with a written statement upon request showing the current value of their shares and equity.
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Prohibits mutual companies from requiring current tenant-cooperators to use cash, loans, or mortgages for initial share payments when transferring to another unit within the same facilities.
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Allows tenant-cooperators to apply all or part of their current shares and equity value toward the cost of shares for occupancy of another unit, without first selling their current shares.
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Mandates the commissioner and supervising agency to promulgate regulations within 180 days establishing rules for applying share value to new unit occupancy, subject to outstanding charges owed to the mutual company.
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Voids any requirement to waive these rights as a condition of ownership or transfer, making such waivers unenforceable as against public policy; disputes may be resolved in court.
Legislative Description
Enables a current tenant-cooperator of certain housing companies, entitled to occupancy by reason of ownership of shares in such housing company, to apply all or a portion of the value of his or her holdings and equity in the housing company toward any consideration required to be paid for shares which would entitle the resident to the occupancy of another unit owned and operated by the housing company.
Last Action
signed chap.265
7/16/2021