S 2098: Requires the board of directors of a residential cooperative housing corporation to notify applicants seeking to purchase shares of the corporation of the reason or reasons the board of directors has refused such request.

  
  STATE OF NEW YORK ________________________________________________________________________ 2098 2025-2026 Regular Sessions  IN SENATE January 15, 2025 ___________ Introduced by Sen. KAVANAGH -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the general business law, in relation to requiring the board of directors of a cooperative apartment corporation to notify applicants seeking to purchase shares of the corporation of the reason or reasons the board of directors has refused such request The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The general business law is amended by adding a new section 2 352-m to read as follows: 3 § 352-m. Denial of right to purchase shares of a cooperative corpo- 4 ration. In the event that the board of directors of a cooperative corpo- 5 ration denies the request of an applicant to purchase shares of such 6 corporation allotted to a particular dwelling unit, the board of direc- 7 tors shall notify such applicant in writing of the reason or reasons the 8 board of directors has denied the request to purchase the shares. Such 9 notification shall be provided to the applicant within thirty days of 10 the board's decision to deny the applicant's request to purchase the 11 shares. 12 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05826-01-5