NY A07183

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

Mandates that cooperatives acknowledge receipt of purchase applications within 21 days, specifying whether the application is complete and identifying any missing materials

Requires the board of directors to notify applicants when their application is complete and provide a timeline for when a decision will be made

Establishes a 90-day deadline for cooperatives to provide written notice granting or denying consent to a sale after receiving a completed application, with denials required to include the reason

Grants automatic approval of the sale if the cooperative fails to provide written notice within the 90-day period

Takes effect 120 days after becoming law