NY A05227

Applies to not-for-profit residential condominium associations managing 3,500 or more units in New York State

Establishes transparency rights requiring associations to provide financial statements, consultant reports, inspector reports, and board meeting minutes upon request, with approved minutes posted within one day of approval

Guarantees timely written decisions on unit owner applications and dispute resolutions, with uniform procedures and timetables adopted in writing

Requires board vacancies to be filled within 60 days if occurring more than 6 months before the annual meeting, mandates posting of election results with vote tallies, and requires board members who sell their units to resign by the closing date

Mandates that boards propose expense limits at least every 5 years and obtain unit owner approval before entering contracts for extraordinary expenses (except for emergencies or mortgage refinancing)

Authorizes the Attorney General to enforce these provisions and investigate complaints, and requires the AG to publish a handbook summarizing unit owner rights within 6 months