The Meter is Running
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41 legal experts on game-changing laws, rules, and cases.
AUTHORArthur I. Weinstein, Principal, Law Offices of Arthur I. Weinstein
PAGE #p. 28
GBL SEC. 352
General Business Law Section 352 regulates sales of “securities” in New york State. Co-op and condo apartments are treated as “securities” under that law, which is enforced by the office of the New york State attorney General. The aG regulates sponsor sales and may monitor conduct by sponsors after the co-op or condo is created.
"New construction defects plague many buildings, and boards find themselves facing discrepancies in the promises made in the offering plan and what they are actually experiencing. To remedy the situation, boards can sue the sponsor or they can turn to the agency that approved the offering plan in the first place – the office of the New York State Attorney General."
To read the full lecture, visit: http://bit.ly/AWeinstein