Exempts certain timesharing plans involving ten or fewer purchasers from filing requirements for real estate investments, excluding New York City.

This bill amends the general business law to exempt certain timesharing plans involving ten or fewer purchasers from filing requirements for real estate investments. The exemption applies unless the purchasers obtain use rights or ownership rights in a single property or unit, the sale price of which exceeds two times the median sales price for residential real property in the county. This exemption does not apply to New York City. The bill also includes provisions for the circulation of non-firm offers and sets an effective date for the changes.

Exempts certain timesharing plans involving ten or fewer purchasers from filing requirements for real estate investments, excluding New York City.

This bill amends the general business law to exempt certain timesharing plans involving ten or fewer purchasers from filing requirements for real estate investments. The exemption applies unless the purchasers obtain use rights or ownership rights in a single property or unit, the sale price of which exceeds two times the median sales price for residential real property in the county. This exemption does not apply to New York City. The bill also includes provisions for the circulation of non-firm offers and sets an effective date for the changes.