S3320

The New York State Senate passed S3320, sponsored by Sen. Sepúlveda, on a 60-0 roll call vote to amend the Real Property Law and increase transparency in condominium governance. The bill addresses longstanding complaints about lack of access to financial and business records in both for-profit and not-for-profit condominiums. Under the legislation, condominium boards will be limited to setting expenses for five-year periods, after which they must hold specific meetings or seek approval from the Attorney General to extend those budgets. The measure grants all condominium owners the right to inspect records including bank statements, project bids, and goods bids in an accessible manner. Sen. Sepúlveda noted the bill has been under consideration for several years and emphasized that increased transparency will enable owners to make informed decisions and challenge problematic board actions. The Attorney General will be granted enforcement powers under the new law. The bill takes effect immediately.

The New York State Senate passed legislation sponsored by Sen. Sepúlveda to increase transparency requirements for condominium boards under amendments to the Real Property Law. The bill, which received 62 affirmative votes, would limit the contracts condominium boards can enter into without informing owners and require higher levels of disclosure. Sepúlveda, an attorney, said the measure was prompted by complaints from clients about lack of awareness regarding board fees, bidding processes, and board resistance to posting information. The senator emphasized that transparency is critically important to condominium owners and encouraged colleagues, particularly those living in condominiums, to support the legislation. The bill takes effect immediately upon passage.