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A 7803

Requires cooperative housing corporations provide a prospective purchaser with a written statement of reasons when withholding consent to a purchase

2025 Regular Session Introduced by Latrice Walker

Requires cooperative housing corporations to provide a written statement of the reasons for denying consent to a purchase, boosting transparency for buyers.

REFERRED TO GOVERNMENTAL OPERATIONS
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Bill Summary · A 7803

Summary of Bill A 7803

Overview and Purpose

Bill A 7803 would reform how cooperative housing corporations handle denials of consent to a purchase. Specifically, it requires a cooperative housing corporation to provide a prospective purchaser with a written statement detailing the reasons for withholding consent to a purchase. The measure aims to increase transparency in consent decisions and provide buyers with clear information about the basis for a denial.

Key Provisions

  • Mandatory disclosure: If a cooperative housing corporation withholds consent to a prospective purchaser, it must supply the purchaser with a written statement of the reasons for the denial.
  • Purpose of provision: to ensure transparency in the decision-making process surrounding co-op purchases and to give prospective buyers a documented basis for any denial.

Notes: The available information does not specify additional procedural details (such as timing for issuing the written statement, required content format, or avenues for appeals or clarifications). The summary focuses on the core requirement as stated.

Affected Parties

  • Primary: Cooperative housing corporations (boards or managing bodies) subject to cooperative housing rules.
  • Secondary: Prospective purchasers seeking to buy units in cooperatives, as well as real estate professionals and attorneys advising buyers or co-ops.

Procedural and Timeline Aspects

  • Introduced: April 11, 2025.
  • Status: Referred to the Committee on Governmental Operations (GOVERNMENTAL OPERATIONS). This indicates the bill is in the early, committee-review stage and has not yet advanced to floor consideration or a full vote.
  • Legislative actions recorded for April 11, 2025, show designation to the GOVERNMENTAL OPERATIONS committee.

Legislative History and Sponsorship

  • Primary sponsor: Latrice Walker.
  • Related/Companion and Prior-Session Bills:
    • S 6346 (companion)
    • S 6439, S 4551, S 2124 (prior-session bills)
    • A 6510, A 2685 (prior-session bills)

Potential Impacts and Considerations

  • Buyers: Enhanced transparency could improve understanding of why a co-op denied consent, potentially informing negotiations or alternatives.
  • Cooperatives: May incur administrative tasks to prepare formal written statements of reasons; guidance may be needed to ensure statements are consistent and non-discriminatory.
  • Legal/Procedural: The bill’s success would hinge on the specifics of what constitutes an adequate written statement and whether there are timelines or standards for the response.
  • Fiscal impact: Not specified in available information; could involve minor administrative costs for co-ops to prepare statements.

Next Steps

  • Tracking the bill’s progression through the Governmental Operations committee and any amendments that specify content requirements, timelines, or dispute-resolution mechanisms.
  • Observing related companion bills (e.g., S 6346) for aligned language and potential cross-chamber movement.

This summary captures the core intent and current status based on the provided bill text and actions.

Compiled from official sources — confirm details with the bill’s official record.

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