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A 7090

Requires the board of directors of a cooperative apartment corporation to notify applicants seeking to purchase shares of the corporation of the reason or reasons the board of directors has refused such request

2025 Regular Session Introduced by Rodneyse Bichotte Hermelyn and 8 co-sponsors

Requires cooperative apartment boards to give written reasons for denying a share purchase, boosting transparency for applicants and documenting the basis for refusals.

REFERENCE CHANGED TO WAYS AND MEANS
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Bill Summary · A 7090

Legislative Bill Summary: A7090 (A7090A)

Overview

A7090 would require the board of directors of a cooperative apartment corporation to notify applicants seeking to purchase shares of the corporation of the reason or reasons the board has refused such a request. The bill aims to increase transparency in the coop admission/transfer process by requiring disclosure of board-refusal rationale.

Key Provisions

  • When an applicant’s request to purchase shares in a cooperative is refused by the board, the board must provide the applicant with the reason(s) for the refusal in writing.
  • The current text indicates a focus on the procedural requirement for disclosure; specific statutory details (e.g., acceptable categories of reasons, form or timing of the notice) are not provided in the available material.
  • The bill is the A7090 version, with A7090A circulating as the amended form.

Legislative Status and Timeline

  • Introduced: March 20, 2025.
  • Initial action: Referred to the Housing committee on March 20, 2025.
  • Amendments and reprint: On June 9, 2025, amendments (T) were added and the bill was recomitted to Housing; Print Number 7090A issued.
  • Status update: As of June 10, 2025, the reference was moved to Ways and Means (twice noted), indicating a fiscal impact review is being considered.
  • Versioning: A7090A represents the amended version circulated for consideration.

Sponsorship

  • Primary sponsor: Rodneyse Bichotte Hermelyn.
  • Notable cosponsors: Jo Anne Simon, Linda Rosenthal, Dana Levenberg, Eddie Gibbs, Deborah Glick, Jonathan Rivera, Al Taylor, Michael Durso, with additional cosponsors listed.

Affected Parties

  • Primary: Boards of directors of cooperative apartment corporations.
  • Secondary: Applicants seeking to purchase shares in these cooperatives, and by extension the individuals or entities representing such applicants.

Related Legislation

  • Companion and related bills in other sessions: S 2098 (companion), A 7512, A 7773, A 1064 (prior-session references).
  • Related to other coop-admission/transparency policy considerations.

Practical Implications

  • Likely increases transparency in coop decision-making by requiring written notice of the reasons for any denial to purchase shares.
  • May impose additional administrative requirements on cooperative boards to document and communicate the basis for refusals.
  • The move to Ways and Means suggests a fiscal impact assessment will accompany the bill’s consideration.

If you’d like, I can tailor this summary for a specific audience (e.g., policymakers, cooperative associations, prospective buyers) or add a side-by-side comparison with existing rules in the jurisdiction.

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

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