Fair Cooperative Procedure Law May Be Coming

There has been a recent push to incorporate a New York City law which would require cooperative boards to rule on a purchaser's application to acquire a cooperative apartment within 45 days. The law which has been drafted, and known as the Fair Cooperative Procedure Law, has now been referred to the Committee on Housing and Buildings for comment. Aspects of the proposed law include: * Acknowledge receipt of an application within 10 business days; * Provide a purchaser with a written decision on the application within 45 days after receipt of a completed application; * Certify to a prospective purchaser, whose application has been denied, that such a decision was not based on discrimination; * If a decision is not made on a completed application within 45 days of receipt, the cooperative board and managing agent must refund to the purchaser all fees paid on the application; * Impose a civil penalty upon cooperatives for failure to comply with the requirements of the law and entitle an aggrieved purchaser to institute civil proceedings and recover an amount not to exceed $5,000 as well as attorney fees and costs. Whether this law becomes effective is subject to intense debate at this time. If it does become law, its implementation will also be questionable. We'll keep you posted on the outcome.

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