Enacts the "fairness in cooperative homeownership act" to regulate cooperative apartment ownership applications.

The bill, known as the "fairness in cooperative homeownership act," amends the real property law to regulate the submission and determinations of applications for ownership of cooperative apartments. It requires cooperative corporations to provide a written acknowledgement of receipt of an application within ten business days. If no action is taken within forty-five days, the corporation is deemed to have consented to the sale. The act also mandates that cooperative corporations maintain a standardized application and list of requirements for all cooperative apartments.

Enacts the "fairness in cooperative homeownership act" to regulate cooperative apartment ownership applications.

The bill, known as the "fairness in cooperative homeownership act," amends the real property law to regulate the submission and determinations of applications for ownership of cooperative apartments. It requires cooperative corporations to provide a written acknowledgement of receipt of an application within ten business days. If no action is taken within forty-five days, the corporation is deemed to have consented to the sale. The act also mandates that cooperative corporations maintain a standardized application and list of requirements for all cooperative apartments.