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NY A10283
Bill
Status
Introduced
2/20/2026
Primary Sponsor
Karines Reyes
Click for details
AI Summary
- Shareholders holding a majority of shares may vote to remove and permanently ban a management company from serving the cooperative housing corporation
- Board meetings must occur at least quarterly, with members permitted to attend all non-executive sessions, and complete minutes must be provided to members within 24 hours of board approval
- Annual budgets must be submitted in plain language to members at least one month before fiscal year end and require majority member approval
- Non-emergency capital improvements, renovations, or repairs exceeding $50,000 require board approval and a formal bidding process with unredacted bids shared with all directors
- Financial records and itemized receipts must be retained for seven years and made available for member inspection within five business days of request; inspection reports and violation notices must be shared with members within two weeks
Legislative Description
Increases transparency in cooperative housing corporations by giving shareholders more rights to information of the co-op and limiting the powers of management companies and boards.
Last Action
referred to housing
2/20/2026
Committee Referrals
Housing2/20/2026
Full Bill Text
No bill text available