NY A08749

Requires all voting board members of mutual housing companies to complete a minimum of two hours of training annually on financial oversight, accountability, and fiduciary responsibilities within their first year and at least once every three years thereafter.

Mandates board members complete additional training on the powers, functions, and duties of mutual company boards and other governing authorities affecting such companies on the same schedule.

Requires board members to file certificates of completion with the mutual company secretary, who must maintain records and distribute them annually to shareholders and prior to director elections.

Obligates the secretary to provide the commissioner or supervising authority with a list of compliant directors 60 days before any scheduled board election.

Authorizes the commissioner or supervising agency to develop training curricula and approve third-party providers, considering their understanding of cooperative homeownership and fiduciary responsibilities, with training provided at no cost to trainees or boards.