Re: SHAREHOLDER BILL OF RIGHTS -(pending in Senate Housing Committee) NOT TO BE CONFUSED WITH Bill #119

Title of Bill: An act to amend the general business law and the real property law, in relation to enactment of a residential cooperative and condominium owner’s bill of rights.

A Must Read !!!

To review Senate Bill #2386 go to: http://public.leginfo.state.ny.us/distsen.cgi

Assembly Bill #5673 (same) go to: http://assembly.state.ny.us/leg/?bn=A05673


Purpose or General Idea of Bill:

Enacts a bill of rights for owners of residential cooperative or condominium units to provide fair and equitable treatment of all shareholders or unit owners; directs the attorney general to promulgate a handbook summary of the rights of shareholders and unit owners vis-a-vis cooperative corporations and condominium associations and the procedures and processes available to shareholders and unit owners to enforce such rights.

On February 5, 2007 Senator Vincent Leibell introduced bill #S2386 where it was referred to the Senate’s Housing, Construction and Community Development Committee.

This same bill #A05673 was also introduced by Brooklyn Assemblymember Vito Lopez, Chairman of the Housing Committee.

Problem:

The bill passed the Assembly vote, passed through the Senate Housing Committee, but at the end of the session, fell apart. Senator John J. Bonacic (Republican), current chair of the Committee on Housing, Construction and Community Development, is opposed to the bill. Major real estate interests are against this bill, citing an impingement on the rights of the board of directors. They feel that shareholders and/or board members would be better served through education.

There is currently a move to create separate bills for coops and condos, since there are different needs for both.


Solution:

For shareholders interested in the passing of the Shareholder Bill of Rights, contact Senator Leibell and Assemblymember Lopez.