Bill
HD 1526
HD 1526 strengthens protections for housing cooperative shareholders, requiring 75% approval for major decisions, enhanced financial transparency, limits on evictions, and improved access to records.
HD 1526, titled "An Act protecting the interests of housing cooperative shareholders", is a proposed bill introduced in the state legislature on November 29, 2025. The main intent of this bill is to strengthen the legal protections and rights of shareholders in housing cooperatives.
The bill would make the following key changes:
Enhanced Shareholder Voting Rights: The bill would mandate that all major decisions affecting the cooperative, such as the sale of the building, major renovations, or changes to the bylaws, require the approval of at least 75% of shareholders. This is an increase from the current 51% threshold in many cooperatives.
Strengthened Financial Transparency: Cooperatives would be required to provide detailed, audited financial statements to all shareholders on an annual basis. The bill also bans the use of "shadow accounts" or other obfuscation of the cooperative's financial activities.
Limits on Shareholder Evictions: The bill establishes new procedures and protections against the arbitrary eviction of shareholders. Cooperatives would need to demonstrate clear, substantial grounds for eviction and provide shareholders the right to appeal.
Shareholder Access to Records: Shareholders would be granted the right to inspect all official records of the cooperative, including meeting minutes, contracts, and maintenance logs, with reasonable notice.
The bill, if passed, would affect the estimated 2.5 million housing cooperative shareholders across the state. Cooperatives would have 6 months to come into compliance with the new requirements after the bill's enactment.
The bill has been referred to the House Committee on Housing, where it is currently under consideration. Committee hearings and a vote are expected in the coming months, though the timeline for a full legislative vote remains uncertain.
Compiled from official sources — confirm details with the bill’s official record.
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