NY State Legislators, NYC Council Propose 2 Bills That Threaten Co-op Board’s Fiduciary DutiesPublished On May 4, 2017
The bills are:
*S2540, sponsored by Sen. Kemp Hannon (R-C-IP
6th SD, Central Nassau County, L.I.) will require the Co-op to process a purchase application within 45 days or the applicant will automatically be approved.
*S4551, sponsored by Sen. James Sanders, Jr. (D-WF,
10th SD, Queens) will require the Co-op to give a prospective purchaser a written statement of the reason(s) why they were not approved.
Read more about this in our current Impact issue.