NY S03320

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

Right to transparency: Requires complete financial statements, consultant reports, inspector reports, and board meeting minutes be available for timely review and inspection; approved minutes must be posted prominently within one day of approval.

Right to timely decisions: Board of managers must process applications and requests for determinations in a reasonably expeditious manner with written procedures and timetables; decisions must be provided in writing with reasons (except when approval is granted).

Voting rights and notice requirements: Board must fill vacancies within 60 days if occurring more than six months before annual meeting; election results must be posted within one business day; board members who sell their units must resign at closing; all meeting notices must be posted prominently.

Right against extraordinary expenses: Board must propose expense limits at least once every five years with unit owner comment period; extraordinary expenses require unit owner approval unless deemed an emergency or needed for mortgage refinancing.

Attorney General enforcement: Attorney General may investigate violations on own initiative or in response to unit owner complaints; existing associations have one year from effective date to amend governing documents to comply.