NY A06647

Requires residential cooperative corporations to establish uniform processes for considering applications to purchase certificates of stock, proprietary leases, or other ownership interests.

Mandates cooperatives provide written notice of their application processes to prospective purchasers, sellers, and real estate agents upon request.

Requires cooperatives to acknowledge receipt of purchase applications within 21 days, specifying whether the application is complete and identifying any missing materials needed for review.

Establishes a 90-day maximum timeline for cooperative boards to notify applicants of approval or denial decisions, with written reasons required for denials; consent is automatically granted if no decision is provided within 90 days.

Applies identical requirements to residential cooperative corporations incorporated under both the Not-for-Profit Corporation Law and the Business Corporation Law, effective 120 days after enactment.