NY A04507

Requires cooperative corporation boards to maintain standardized applications and provide them promptly to prospective buyers and sellers upon request, including submission instructions and contact information

Mandates that co-op boards acknowledge receipt of purchase applications within 10 business days via registered mail and email, specifying whether the application is complete or what additional materials are needed

Establishes a 45-day deadline for co-op boards to approve or deny a completed application, with one automatic 14-day extension available and additional extensions permitted with buyer consent

Creates automatic approval mechanism if the co-op board fails to act within the 45-day period plus extensions; after a 10-day warning notice from the buyer, inaction constitutes consent to the sale

Allows tolling of deadlines for applications received between July 1 and September 10 if the board has documented that it does not meet during July and August, extending the timeline to 60 days or September 10, whichever is later