NY S03017

Applies to not-for-profit residential condominium associations with 3,500 or more units and establishes five enumerated rights for unit owners.

Requires transparency including complete financial statements, accountant reports, inspector reports, and board meeting minutes available upon request and posted in common areas within one day of approval.

Mandates timely written decisions by the board on unit owner applications and disputes, with stated reasons, following uniform procedures and timetables.

Establishes voting rights including calling board meetings to fill vacancies within 60 days, posting election results within one business day, and requiring board members who sell their units to resign by the closing date.

Requires expense limits to be proposed at least once every five years with unit owner comment opportunity, and prohibits extraordinary contracts without unit owner approval except for emergencies or mortgage refinancing.

Authorizes the Attorney General to enforce rights and investigate complaints, and requires the Attorney General to publish a handbook on unit owner rights within six months of enactment.