Relates to the recovery of attorneys fees in certain summary proceedings between a cooperative housing corporation and a shareholder or occupant of such corporation
Impact
If passed, A10799 would change the financial landscape for shareholders in cooperative housing arrangements in New York. It would formalize the process for recovering additional costs beyond rent, potentially making it easier for cooperative housing corporations to manage financial disputes. The bill’s implications extend to how cooperative housing corporations prepare their occupancy agreements, likely necessitating clearer language regarding the recovery of fees.
Summary
Bill A10799 aims to amend the real property actions and proceedings law in New York, specifically addressing the recovery of various fees in summary proceedings involving cooperative housing corporations. The legislation allows cooperative housing corporations to seek recovery of fees, legal fees, charges, surcharges, penalties, or assessments beyond rent when such provisions are included in the lease or occupancy agreement between the corporation and the shareholder or occupant. This bill is significant for how it may reshape financial interactions in cooperative housing contexts.
Contention
The bill could generate contention among stakeholders, particularly regarding the fairness of allowing corporations to charge legal fees and other surcharges. Critics may argue that this could place a heavy burden on occupants and shareholders, leading to disputes that could discourage ownership in cooperative environments. On the other hand, proponents may contend that the legislation strengthens the rights of housing corporations to enforce their agreements and maintain fiscal health.
Same As
Provides that fees may be sought in certain summary proceedings between a cooperative housing corporation and a shareholder or occupant when the lease or occupancy agreement provides for the recovery of fees, legal fees, charges, surcharges, penalties, or assessments other than rent.
Provides that fees may be sought in certain summary proceedings between a cooperative housing corporation and a shareholder or occupant when the lease or occupancy agreement provides for the recovery of fees, legal fees, charges, surcharges, penalties, or assessments other than rent.
Requires at least one director on a board of directors of a residential cooperative housing corporation be a primary resident of such residential cooperative housing corporation; prohibits the charging of payments, fees or charges by cooperative housing corporations without thirty days written notice to such cooperative housing corporation's shareholders.
Provides that either party may be awarded attorneys' fees in the event of a default judgment in an action or summary proceeding arising out of leases of residential property where a tenant is a dwelling unit owner or shareholder of a cooperative housing corporation and the recovery of attorneys' fees is provided for in the proprietary lease or occupancy agreement.
Provides that either party may be awarded attorneys' fees in the event of a default judgment in an action or summary proceeding arising out of leases of residential property where a tenant is a dwelling unit owner or shareholder of a cooperative housing corporation and the recovery of attorneys' fees is provided for in the proprietary lease or occupancy agreement.
Requires at least one director on a board of directors of a residential cooperative housing corporation be a primary resident of such residential cooperative housing corporation; prohibits the charging of payments, fees or charges by cooperative housing corporations without thirty days written notice to such cooperative housing corporation's shareholders.
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.
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.
Permits cooperative housing corporations to directly obtain a shareholder's death certificate upon providing appropriate documentation of their creditor status.