NY A01778

Requires cooperative corporations to maintain and provide standardized applications and requirement lists to prospective purchasers upon request, including submission instructions with mailing and email addresses.

Mandates cooperative corporations acknowledge receipt of applications within ten business days via both electronic mail and registered mail, specifying whether the application is complete and what additional materials, if any, are needed.

Establishes a 45-day deadline for cooperative corporations to approve or deny applications after submission of a completed application, with one additional 14-day extension permitted without purchaser consent.

Deems an application automatically approved if the cooperative corporation fails to act within 45 days plus any extensions, and after a prospective purchaser provides 10 days' additional notice.

Allows cooperative boards that do not meet in July and August to have until September 10th to acknowledge receipt of applications submitted between July 1st and September 10th; applies 120 days after enactment.