New York Assembly Bill A07183

New York 2025-2026 Regular Session

• Introduced: 3/21/25
• Refer: 3/21/25
• Refer: 1/7/26

Caption

Requires a uniform process for considering applications to purchase condominiums or cooperatives.

Summary

This bill requires residential cooperative corporations in New York to adopt uniform procedures for reviewing applications to purchase cooperative shares, proprietary leases, or other ownership interests. It applies to cooperatives organized under both the Not-for-Profit Corporation Law and the Business Corporation Law, and it requires those corporations to make their application procedures available to prospective purchasers, prospective sellers, and their real estate agents upon request. Under the bill, a cooperative must acknowledge receipt of an application within 21 days and specify whether the application is complete, what is missing if it is incomplete, and what additional materials are needed. Once a completed application and any requested materials are submitted, the board must notify the applicant that the application is complete and provide a timeline for review and a date by which the applicant will be told whether the sale is approved or denied. The bill also requires a final written decision within 90 days of submission of a completed application; if the cooperative does not issue a written decision within that period, consent to the sale is deemed granted. If a sale is denied, the notice must state the reason for the denial.

Impact

The bill would add new statutory sections to the Not-for-Profit Corporation Law and the Business Corporation Law governing residential cooperative corporations. It would create enforceable procedural requirements for cooperative purchase applications, including notice, completeness review, decision deadlines, and explanation of denials, while preserving any other rights or remedies available under law. In practical terms, it would standardize and speed up the application process for buyers of cooperative housing interests and limit indefinite delays in board review.

Sentiment

No committee transcript or recorded vote information was provided, so there is no direct evidence of debate or formal support/opposition in the materials supplied. Based on the bill text and caption, the measure appears aimed at improving transparency and predictability in the cooperative purchase process, which suggests a consumer-protection and housing-access rationale. The absence of recorded opposition in the provided context means sentiment cannot be measured from votes or hearings, but the bill’s structure indicates a reform-oriented approach rather than a punitive one.

Contention

The main likely point of contention is the degree to which the bill limits the discretion of cooperative boards in reviewing prospective purchasers. Supporters would likely favor the 21-day acknowledgment rule, the requirement to identify deficiencies, and the 90-day deadline as protections against delay and arbitrary decision-making. Opponents, if any, would likely argue that cooperative boards need flexibility to conduct financial and background reviews and that automatic approval after 90 days could reduce their ability to control ownership standards. Another possible issue is whether the bill’s procedural requirements could increase administrative burdens for smaller cooperatives.