reglab/statecodes huggingface dataset:
2023 New York Laws › PEP - Personal Property › Article 11 - Rental Purchase Agreements › 504 - Early Purchase Option.

§ 504. Early purchase option. 1. The consumer has the right to acquire
ownership  of  the  merchandise at any time by tendering to the merchant
all past due payments and fees and an amount equal  to  the  cash  price
stated  in  the  rental-purchase agreement multiplied by a fraction that
has as its numerator the number of periodic payments remaining under the
agreement and that has as its denominator the total number  of  periodic
payments.  A  consumer  must  affirmatively  elect  to exercise an early
purchase option. In no event shall the consumer's early purchase  option
be less than the amount of one periodic payment.
2.  In  a  clear  and conspicuous manner on the consumer's receipt for
every periodic  payment,  the  merchant  shall,  in  connection  with  a
consumer's  rights  under  this  section,  provide  the  consumer with a
written statement of:
(a) the total amount  the  consumer  would  have  to  pay  to  acquire
ownership  of the rental merchandise if the consumer makes all regularly
scheduled payments remaining under the rental-purchase agreement; and
(b) the total amount  the  consumer  would  have  to  pay  to  acquire
ownership  of  that  merchandise  pursuant  to  subdivision  one of this
section.
2023 New York Laws › PEP - Personal Property › Article 11 - Rental Purchase Agreements › 504-A - Interruption or Reduction of Income in Certain Instances.

§  504-a. Interruption or reduction of income in certain instances. 1.
  If any consumer who has signed a rental-purchase  agreement  experiences
  an  interruption  or  reduction of twenty-five percent or more of income
  due to involuntary job loss, involuntary  reduced  employment,  illness,
  pregnancy  or  disability  after one-half or more of the total amount of
  the rental payments necessary to acquire ownership under  the  agreement
  has  been paid, and such consumer provides to the merchant some evidence
  of the amount and cause of the interruption or reduction of income,  the
  merchant  shall  reduce  the  amount  of  each rental payment by (a) the
  percentage of the reduction  in  the  consumer's  income  or  (b)  fifty
  percent,  whichever  is less, for the period during which the consumer's
  income is interrupted or reduced.
2. If payments are  reduced,  the  total  dollar  amount  of  payments
  necessary  to  acquire  ownership  shall  not  be  increased,  provided,
  however, that the number of payments necessary to acquire ownership  may
  be  increased  accordingly and the rights and duties of the merchant and
  the consumer shall not otherwise be affected.
3. When the consumer's income is restored, the merchant  may  increase
  the  amount  of  rental  payments, but in no event shall rental payments
  exceed the originally disclosed amount of rental payments.
2023 New York Laws › PEP - Personal Property › Article 11 - Rental Purchase Agreements › 504-B - Maintenance of Merchandise.

§  504-b.  Maintenance  of merchandise. 1. The merchant shall maintain
  the property subject to the rental-purchase agreement  in  good  working
  order  while  the agreement is in effect without charging any fee to the
  consumer in addition to the  regularly  scheduled  rental  payments  set
  forth in the rental-purchase agreement.
2.  By  the  end of the second business day following the day on which
  the merchant received notice from the consumer that the property is  not
  operating  properly,  the  merchant shall repair or replace the property
  without any fee to the consumer in addition to the  regularly  scheduled
  rental payments set forth in the rental-purchase agreement.
3.  If  a  repair  or  replacement cannot be immediately effected, the
  merchant shall temporarily substitute property of comparable quality and
  condition while  repairs  are  being  effected.  If  repairs  cannot  be
  completed  to  the reasonable satisfaction of the consumer within thirty
  days after the merchant receives notice from the consumer  or  within  a
  longer  period voluntarily agreed to by the consumer, the merchant shall
  permanently replace the property.
4. All replacement property shall be the same brand, if available, and
  comparable in quality, age, condition,  and  warranty  coverage  to  the
  replaced  property. If the same brand is not available, the brand of the
  replacement property shall  be  agreeable  to  the  consumer,  provided,
  however that any request by the consumer shall not be unreasonable.
5.  All  of the consumer's and merchant's rights and obligations under
  the rental-purchase  agreement  and  this  title  that  applied  to  the
  property originally subject to the rental-purchase agreement shall apply
  to any replacement property.
6. The consumer shall not be charged, or held liable for, any pro rata
  portion  of  a  periodic payment for any period of time greater than one
  full day and each full day thereafter during which the property that  is
  the subject of the rental-purchase agreement or any property substituted
  for it pursuant to this section is not in good working order.
7.  This  section  shall  not apply to repairs or damage for which the
  consumer is liable under the rental-purchase agreement as  permitted  by
  this article.
8.  A  merchant shall not deliver to a consumer any property which the
  merchant knows or has reason to know is defective.
2023 New York Laws › PEP - Personal Property › Article 11 - Rental Purchase Agreements › 505 - Advertisement.

§  505.  Advertisement.  1.  An  advertisement  for  a rental-purchase
agreement that refers to or states the amount of a payment or the  right
to  acquire  ownership  of  any  one particular item under the agreement
shall clearly and conspicuously state:
(a) that the transaction advertised is a rental-purchase agreement;
(b) the total number of payments and the total amount to  be  paid  to
acquire  ownership,  which  amount  shall  be  explicitly labeled "total
cost";
(c) the circumstances under which the consumer can  acquire  ownership
rights; and
(d) whether the advertised terms are for new or used merchandise.
2.   An   advertisement   for   personal  property  available  through
rental-purchase agreements that refers to more  than  one  appliance  or
particular  item  and  includes  information on periodic payment amounts
shall include a representative item available at that amount  and  shall
conspicuously state:
(a) that the merchandise offered may be new or used;
(b) that transaction advertised is a rental-purchase agreement; and
(c)  that  the  consumer  does not acquire ownership rights unless the
consumer complies with the ownership terms of the agreement.
3. Every item displayed or offered under a  rental-purchase  agreement
shall have clearly and conspicuously indicated in arabic numerals, so as
to  be  readable  and  understandable  by visual inspection, each of the
following affixed to the item:
(a) the cash price of the merchandise;
(b) the amount of  the  periodic  payment  and  the  total  number  of
periodic payments required for ownership; and
(c)  the  total  amount  that  must  be  paid  to acquire ownership of
merchandise, which amount shall be explicitly labeled total cost.
2023 New York Laws › PEP - Personal Property › Article 11 - Rental Purchase Agreements › 506 - Exempted Transactions.

§ 506. Exempted transactions. This article does not apply to:
1.  Agreements  for  the rental of merchandise in which the person who
  rents the merchandise has no legal right to  become  the  owner  of  the
  property at the end of the rental period;
2. A lease of a safe deposit box; and
3. Retail installment sales agreements, contracts, or obligations.
2023 New York Laws › PEP - Personal Property › Article 11 - Rental Purchase Agreements › 507 - Enforcement.

§  507.  Enforcement.  1.  A consumer who has suffered a loss due to a
  violation of this article by a merchant is entitled to recover from  the
  merchant actual damages, reasonable attorney's fees and court costs.
2.  Whenever  a court finds that a consumer has been injured because a
  merchant acted in bad faith in its performance under this  article,  the
  merchant  shall  be  subject  to  a penalty of not less than one hundred
  dollars nor more than one thousand dollars as determined by the court.
3. A violation of this article is a  deceptive  trade  practice  under
  section three hundred forty-nine of the general business law.
4.  Whenever there shall be a violation of this article an application
  may be made by the attorney general in the name of  the  people  of  the
  state  of New York to a court or justice having jurisdiction to issue an
  injunction, and upon notice to the defendant of not less than five days,
  to enjoin and restrain the continuance of such  violations;  and  if  it
  shall  appear  to  the  satisfaction  of  the court or justice, that the
  defendant has, in fact, violated  this  section  an  injunction  may  be
  issued  by  such  court or justice enjoining and restraining any further
  violation, without requiring proof that any person has,  in  fact,  been
  injured  or damaged thereby.  In any such proceeding, the court may make
  allowances to the attorney general  as  provided  in  paragraph  six  of
  subdivision  (a)  of  section  eighty-three  hundred  three of the civil
  practice law and rules, and direct restitution. Whenever the court shall
  determine that a violation of this article has occurred, the  court  may
  impose  a  civil  penalty of not more than five hundred dollars for each
  violation. In connection with any such proposed application the attorney
  general is authorized to take proof and  make  a  determination  of  the
  relevant  facts  and  to  issue  subpoenas  in accordance with the civil
  practice law and rules.
5. Nothing in this article shall be construed  so  as  to  nullify  or
  impair  any right or rights which a consumer may have against a merchant
  at common law, by statute, or otherwise.
6. A merchant or assignee may not be held liable in an action  brought
  under   this   article   for  a  violation  of  this  article  that  was
  unintentional  and  resulted  from  a  bona  fide  or   clerical   error
  notwithstanding  the  maintenance  of  procedures  reasonably adopted to
  avoid any such error.
7. An action shall not be brought under this article  more  than  four
  years  after  the occurrence of the act, method or practice which is the
  subject of the action or more than one year after the last payment in  a
  transaction  involving  the method, act or practice which is the subject
  of the action, whichever is later.
2023 New York Laws › PEP - Personal Property › Article 11 - Rental Purchase Agreements › 508 - Administration by the Attorney General.

§  508.  Administration  by the attorney general. The attorney general
  may make rules and regulations necessary for the administration of  this
  article;  provided,  however,  that such rules and regulations shall not
  attempt to regulate or  characterize  rental-purchase  agreements  as  a
  security  interest,  credit  sale,  retail installment sale, conditional
  sale  or  any  other  form  of  consumer  credit  that  imputes   to   a
  rental-purchase agreement the creation of a debt or extension of credit,
  nor  shall  such  rules  and  regulations  require  the  disclosure of a
  percentage rate calculation, including  a  time-price  differential,  an
  annual percentage rate, or an effective annual percentage rate.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 11 - Policy and Purposes of Article.

§ 11. Policy and purposes of article. It is hereby declared that there
  exists  in municipalities in this state a seriously inadequate supply of
  safe  and  sanitary  dwelling  or  non-housekeeping  accommodations  for
  families  and  persons  of  low  income,  including  accommodations  for
  handicapped persons of low income and aged care accommodations for  aged
  persons  of  low income; that such conditions are due, in large measure,
  to over-crowding and concentration of the population, improper planning,
  excessive land coverage, lack of proper light, air and  space,  improper
  sanitary  facilities  and  inadequate protection from fire hazards; that
  such conditions constitute an  emergency  and  a  grave  menace  to  the
  health,  safety,  morals, welfare and comfort of citizens of this state,
  necessitating speedy relief which cannot  readily  be  provided  by  the
  ordinary  unaided  operation  of  private  enterprise  and  require that
  provision be made by which private free enterprise may be encouraged  to
  invest in companies regulated by law as to rents, profits, dividends and
  disposition  of  their  property  or franchises and engaged in providing
  such housing facilities and other facilities incidental  or  appurtenant
  thereto for families or persons of low income; that it is necessary that
  provision be made for participation by the state, its municipalities and
  the  New  York  state  housing  finance  agency in the financing of such
  housing, for the acquisition by such companies of real property required
  for such purposes and for public assistance to  such  companies  by  the
  granting  of  tax  exemptions;  that  the  cooperation of the state, its
  subdivisions and the New York state housing finance agency is  necessary
  to  accomplish  such purposes; that the provision of such adequate, safe
  and  sanitary  housing  accommodations  by  such  companies  jointly  or
  severally  are  public  uses  and purposes for which public money may be
  loaned and private property may be acquired by and  for  such  companies
  and tax exemptions granted; that such conditions require the creation of
  the  companies  hereinafter  prescribed for the purpose of attaining the
  ends herein recited; and the necessity in the public  interest  for  the
  provisions  hereinafter  enacted  is  hereby  declared  as  a  matter of
  legislative determination.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 13-A - The Applicability of Not-for-Profit Corporation Law.

§  13-a.  The  applicability of not-for-profit corporation law. 1. The
not-for-profit corporation law applies to every  company  heretofore  or
hereafter  formed  under this article and the not-for-profit corporation
law, provided that:
(a) If any provision of the not-for-profit corporation  law  conflicts
with  any provision of this article, the provision of this article shall
prevail and the conflicting provision of the not-for-profit  corporation
law  shall  not apply in any such case. If any provision of this article
relates to a matter embraced in the not-for-profit corporation  law  but
is not in conflict therewith, both provisions shall apply.
(b)  The  following  provisions  of the not-for-profit corporation law
shall not apply to companies formed pursuant to  this  article  and  the
not-for-profit corporation law:
Paragraphs  (7)  and  (8)  of  subdivision  (a) of section one hundred
twelve, section one hundred  thirteen,  section  one  hundred  fourteen,
section  two  hundred  one,  section  three  hundred four, section three
hundred seven, section four hundred four, subdivision (3)  of  paragraph
(a)  of  section five hundred ten, section six hundred nine, section six
hundred seventeen, paragraphs (a) and (b) of section eight hundred four,
article nine, section ten hundred eleven, section  ten  hundred  twelve,
article thirteen, article fourteen.
2.  Every  corporation  to which the not-for-profit corporation law is
made applicable by this section is a charitable corporation  as  defined
in  paragraph  (a)  of  section  one  hundred  two  (Definitions) of the
not-for-profit corporation law for all purposes of that law.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 13-B - Verification of Papers Filed With Supervising Agency.

§  13-b.  Verification  of  papers  filed with supervising agency. Any
  document required to be filed  with  the  supervising  agency  regarding
  rental  units,  either  state or municipal, shall be duly verified under
  oath of the corporation or individual filing the same. The  commissioner
  or   head   of   such  supervising  agency  may  restrict  the  required
  verification to such documents as relate to financial statements and all
  other data submitted in support of an application  for  an  increase  of
  rents.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 14 - Consent of Commissioner to Incorporation.

§  14.  Consent  of  commissioner  to incorporation. Whenever any such
  certificate shall be presented to the secretary of state, he  shall  not
  file   such   certificate  unless  there  shall  accompany  the  same  a
  certificate of the commissioner that he consents to the filing  of  such
  certificate; nor shall any amendment to the certificate of incorporation
  be  filed  unless it is accompanied by a certificate of the commissioner
  consenting thereto. If a company has entered  into  a  contract  with  a
  municipality  for  the  construction of a municipally aided project, the
  commissioner shall not issue a certificate consenting to an amendment of
  the certificate of incorporation of such company, unless the supervising
  agency has given its written consent to such amendment.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 16 - Limited-Profit Housing Companies; Partnership Relations.

§   16.   Limited-profit  housing  companies;  partnership  relations.
Notwithstanding any provisions in this  article  to  the  contrary,  but
subject  to such regulations as may be prescribed by the commissioner or
the supervising agency, as the case may be:
1. (a) Any company  may  be  a  partner  (general  or  limited)  in  a
partnership  (general  or  limited)  formed for the purpose of providing
such company with capital. Any  company  incorporated  pursuant  to  the
provisions  of this article may, with the consent of the commissioner or
the supervising agency as the case may be, become a partner (general  or
limited)  in  a partnership (general or limited) upon the consent of the
company to the refinancing of its original mortgage loan by  a  mortgage
loan  insured  by  the Federal government; such a partnership shall have
the same powers and duties as provided by this article as a  partnership
formed for the purpose of providing a company with capital.
(b)  Any  partner  (general or limited) of any partnership (general or
limited) in which a company is a partner (general or limited) may be the
owner or holder of any shares, bonds, income debentures, notes or  other
securities of such company.
(c)  Any  company  which is a partner (general or limited) in any such
partnership (general or limited) may exercise all the rights and  powers
and  shall  be subject to all the duties and obligations of a company in
accordance with this article.
2. The capital structure of a company which is a partner  (general  or
limited)  in  a  partnership  (general  or  limited)  formed pursuant to
paragraph  (a)  of  subdivision  one  of  section  sixteen  may  include
withdrawals from the capital of such a partnership (general or limited).
The   provisions  of  this  article  relating  to  shares  and  income
debentures shall be deemed to include withdrawals from the capital of  a
partnership  (general  or  limited)  of  which  a  company  is a partner
(general or limited).
3. For the purposes of this section, the term partner shall be  deemed
to  include  a  member  of  a  limited  liability  company, and the term
partnership shall be deemed to  include  a  limited  liability  company,
provided  there  is  disclosure  of the identity of the managing member,
including the identity of the natural person who is responsible for  the
housing  development.  Notwithstanding  any provision of this section to
the contrary, any change in general partner of a partnership or managing
member of a limited liability company shall be  subject  to  the  prior,
written approval of the commissioner or supervising agency.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 18 - Designation of and Service of Process on Secretary of State and Registered Agent.

§  18. Designation of and service of process on secretary of state and
  registered agent. The provisions of sections three hundred  four,  three
  hundred five and three hundred six of the business corporation law shall
  apply  to  companies  heretofore  or hereafter organized pursuant to the
  provisions of this article.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 19 - Consideration for Issuance of Stock, Bonds or Income Debentures.

§ 19. Consideration for issuance of stock, bonds or income debentures.
  No  company  shall  issue  stock, bonds, or income debentures except for
  money or property actually received for the use and lawful  purposes  of
  the  company,  provided,  however, that a mutual company may issue stock
  for home owners purchase notes if the purchase transaction has  received
  the   written   endorsement  of  the  commissioner  in  accordance  with
  supplementary rules and regulations of the  commissioner  made  therefor
  and  if at least two hundred dollars in money or property is received by
  such company toward the issuance of  such  stock.  No  stock,  bonds  or
  income  debentures  shall be issued for property except upon a valuation
  approved by the supervising agency or by the commissioner, as  the  case
  may  be, and such valuations shall be used in computing the estimated or
  actual project cost.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 20 - Mortgages, Mortgage Bonds and Notes.

§  20. Mortgages, mortgage bonds and notes. 1. Any company, subject to
  the approval of the commissioner or of the supervising  agency,  as  the
  case  may  be, may borrow funds and secure the repayment thereof by bond
  or note and mortgage or by an issue of bonds under a trust indenture.
2. Each loan made to a company shall relate to one or  more  specified
  projects  and  shall  be  secured  by  a  mortgage  upon all of the real
  property of which the project or projects, to which  the  loan  relates,
  consists,  and  upon  all  fixtures  and  articles  of personal property
  attached to or used in connection with the operation of such project  or
  projects.  Such  mortgages may contain such other clauses and provisions
  as shall be approved by the commissioner, or the supervising agency,  as
  the  case  may  be, including the right to assignment of rents and entry
  into possession in case of default; but the operation of such project or
  projects, in the event of such entry by a mortgagee or receiver,  except
  in  the  case  of  a  mortgage  loan  insured  or  held  by  the federal
  government,  shall  be  subject  to  regulations  promulgated   by   the
  commissioner  or the supervising agency. Provisions for the amortization
  of the mortgage indebtedness  and  residual  indebtedness  of  companies
  formed  under  this  article  shall  be  subject  to the approval of the
  commissioner or the supervising agency, as the case may be. In the  case
  of  an instrument or instruments evidencing residual indebtedness issued
  pursuant to section  twenty-three-a  or  section  forty-four-b  of  this
  chapter,  the principal amount of such instrument or instruments and the
  interest thereon, if any, shall be repaid over  a  period  of  time  not
  exceeding  the  term over which the mortgage loan insured by the federal
  government is to be repaid, plus ten years, which period of  time  shall
  commence  at  such  time  as  the commissioner or the supervising agency
  shall approve, provided, however, that such period  of  time  shall  not
  expire  more  than  fifteen years after the mortgage loan insured by the
  federal government has been satisfied.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 21 - Capital Structure.

§   21.   Capital  structure.  The  capital  structure  of  a  company
  undertaking a project and the proportionate amount of the  project  cost
  to  be  represented  by  mortgages,  bonds, notes, income debentures and
  shares shall be subject to the approval of the  commissioner  except  as
  otherwise   provided   in   section   twenty-three  with  respect  to  a
  municipally-aided project. The shares and income debentures issued by  a
  mutual  company or urban rental company, other than a non-profit company
  incorporated  pursuant  to  the   provisions   of   the   not-for-profit
  corporation  law  and  this article for the purpose of providing housing
  for staff members, employees  or  students  of  a  college,  university,
  hospital  or  child care institution and their immediate families or for
  aged  or  handicapped  persons  of  low  income,  and   other   than   a
  municipally-aided  non-profit  company  or  a  municipally-aided  mutual
  company, and other than a low income non-profit housing  company,  shall
  not  be  less than the total of five per centum of the project cost. The
  shares, bonds or notes, income debentures  and  mortgages  covering  any
  project shall not exceed the actual project cost.
The  provisions  of  this  section  with  respect to the proportionate
  amount of the project cost to be represented by mortgages, bonds, notes,
  income debentures and shares shall not  be  applicable  to  any  housing
  company  project,  if  funds made available by the federal government or
  any agency or instrumentality thereof are used in financing the project,
  in whole or in part, or if a mortgage  or  mortgage  bonds  issued  with
  respect  to  such  project  are insured by the federal government or any
  agency or instrumentality thereof.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 22-A - Redevelopment Loans.

§  22-a.  Redevelopment  loans.  Notwithstanding any provision of this
  article to  the  contrary,  where  a  state-aided  project  undergoes  a
  comprehensive  redevelopment  plan,  the commissioner may approve a loan
  and encumbrance of such project in an amount in excess of actual project
  cost within the meaning of section twenty-one of this article,  provided
  that  such amount represents cost of capital improvements, redevelopment
  or acquisition by a new owner,  any  consequent  rent  increase  is  not
  unduly  burdensome  to  the  tenants,  and  the  company  enters into an
  agreement to remain subject to the provisions  of  this  article  for  a
  period  of no less than an additional fifteen years from issuance of the
  loan and encumbrance.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 22-B - Loans for State-Aided Limited-Profit Housing Companies.

§  22-b.  Loans  for  state-aided limited-profit housing companies. 1.
  Notwithstanding any provision of  this  article  to  the  contrary,  the
  commissioner  may  for  a  period of one year from the effective date of
  this act approve a loan and encumbrance in excess of the actual  project
  cost  of a state-aided project comprising more than five thousand rental
  units, provided that: (a) the rents paid  by  the  tenants  may  not  be
  increased to pay for any consequent increase in indebtedness that is not
  attributable  to  project cost; (b) the company enters into an agreement
  to continue to remain subject to the provisions of this  article  for  a
  period  of  no less than an additional thirty years from issuance of the
  loan and encumbrance; and (c) the greater of twenty-five percent of  the
  amount  of  such  loan  which  exceeds such actual project cost or forty
  million dollars of the proceeds  of  such  loan  must  be  dedicated  to
  capital improvements to existing structures and facilities.
2.  Any company that enters into a loan pursuant to subdivision one of
  this section shall create a plan within one year of the approval of  the
  loan.  The  plan  shall include details of all capital improvements that
  will occur as a result of the loan.  Such  company  shall  obligate  the
  funds  dedicated  to  the capital improvements within three years of the
  approval of the loan. Such company shall  submit  a  copy  of  the  plan
  within  one  year  of the approval of the loan and within three years of
  the approval of the loan, a report that details  the  use  of  the  loan
  funds  to  the governor, the commissioner of the division of housing and
  community renewal, the temporary president of the senate, the speaker of
  the assembly, the minority leader of the senate, the minority leader  of
  the  assembly,  the  chair of the senate finance committee, the chair of
  the assembly ways and means committee, the chair of the senate  housing,
  construction,  and community development committee, and the chair of the
  assembly housing committee.
3. Such company shall participate in bimonthly meetings  with  elected
  officials  and  the  members  of the project's residents' association or
  other tenant organization that represents the majority of tenants in the
  project in order to hear any advice or comments on the implementation of
  the plan. The meetings shall occur on a regular basis until all  of  the
  money  set-aside  for  capital  improvements  in subdivision one of this
  section has been spent.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 23-C - Mortgage Modifications.

§  23-c.  Mortgage modifications. 1. For the purposes of this section,
the following terms shall have the meanings set forth below:
(a)  "Existing  mortgage"  shall  mean  any  mortgage  held   by   the
municipality  securing  a  loan  made by such municipality in accordance
with the provisions of this article, and any  note  or  bond  evidencing
indebtedness  thereon, including, but not limited to, any mortgage, note
or bond securing residual indebtedness and any mortgage,  note  or  bond
securing a loan to finance the construction of a project.
b.  "Non-recoverable  debt  service"  shall  mean, with respect to any
increase in indebtedness executed or approved pursuant to  this  section
that  is  not attributable to project cost, all payments of interest and
principal on such portion of the indebtedness.
(c) "Restrictive agreement" shall mean a binding agreement  between  a
company  and the supervising agency, which (i) prohibits the dissolution
of the company pursuant to the provisions of section thirty-five of this
article for not less than six years from the date of such agreement, and
(ii) prohibits the consideration of non-recoverable debt service in  any
rent  increase  pursuant to the provisions of section thirty-one of this
article at any time subsequent to the date of such agreement.
2. Notwithstanding the provisions of this article or the provisions of
any law, general or special, a company that enters  into  a  restrictive
agreement  on  or  after  the effective date of a chapter of the laws of
2004 which added this  subdivision,  may,  with  the  approval  of  such
supervising agency:
(a)  substitute  a new mortgage approved by the supervising agency for
any existing mortgage;
(b) extend or modify any existing mortgage in such manner and for such
term as shall be determined by the supervising agency;
(c) subordinate any existing mortgage in any manner  approved  by  the
supervising  agency to the lien of any mortgage held by a lender that is
authorized to participate in loans pursuant to section twenty-three-b of
this article; and
(d) borrow funds and secure the repayment thereof by note and mortgage
or in any other manner approved by the supervising agency.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 24 - Income Debentures.

§  24.  Income  debentures.  1.  With  the approval of the supervising
  agency or of the commissioner, as the case may be,  the  certificate  of
  incorporation,  or  an amended certificate may authorize the issuance of
  income debentures bearing no greater interest than six  per  centum  per
  annum   except   as  otherwise  provided  in  this  article.  After  the
  incorporation of a company, the directors thereof may, with the  consent
  of  two-thirds  of  the  holders  of  the  preferred  stock  issued  and
  outstanding offer to the stockholders of the company, the  privilege  of
  exchanging  their  stock  in such quantities and at such times as may be
  approved by the supervising agency or the commissioner, as the case  may
  be,  for  such income debentures. In no event, shall the amount of stock
  of the company be less than a per centum  of  the  total  of  stock  and
  income  debentures,  to  be  fixed  by  the supervising agency or by the
  commissioner, as the case may be.
2. Such income debentures and any  instrument  under  which  they  are
  issued  may  contain  such  other  provisions,  including  provision for
  amortization by serial maturities, through the operation  of  a  sinking
  fund  or  otherwise,  as may be approved by the supervising agency or by
  the commissioner, as the case may be.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 25 - Working Capital.

§  25. Working capital. The supervising agency or the commissioner, as
  the case may be, may permit stock or income debentures to be issued  for
  working  capital to be used in connection with such project to an amount
  not exceeding three per centum of the  estimated  project  cost  or  the
  actual project cost, whichever is larger.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 26-A - Findings for Municipally-Aided Projects.

§ 26-a. Findings for municipally-aided projects.
No  municipally-aided  project  aided solely by tax exemption shall be
  approved by the supervising agency unless the agency shall have made the
  findings set forth in subdivision one of section twenty-six.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 26-C - Special Provisions With Respect to Battery Park City Projects.

§ 26-c. Special provisions with respect to Battery Park city projects.
1.  No  loan  shall  be  made by the state or the New York state housing
finance  agency  for  the  acquisition,  construction,   reconstruction,
rehabilitation  or improvement of a Battery Park city project, nor shall
any  such  project  be  approved  by  the   commissioner,   unless   the
commissioner finds that:
(a)  the estimated revenues of the project will be sufficient to cover
all probable costs of all operations and maintenance, of  fixed  charges
and operating reserves and depreciation reserves, if any;
(b) the plans and specifications of the project assure adequate light,
air, sanitation and fire protection;
(c)  the  project  is  in  conformity  with  a plan or undertaking for
providing low rent housing facilities for persons of low income.
2. Notwithstanding any other provisions of this article, in  the  case
of a Battery Park city project financed or to be financed by a loan from
Battery  Park city authority, all approvals, findings and consents which
are required to be given or made by the commissioner  pursuant  to  this
article  shall  be given or made instead by Battery Park city authority,
and the authority shall exercise, with respect to such project and  with
respect  to the company carrying out such project, all of the powers and
duties exercised by the  commissioner  pursuant  to  this  article  with
respect  to  projects  financed  by  the  New York state housing finance
agency.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 29 - Acquisition of Property.

§ 29. Acquisition of property.
(a)  After a project, other than a state urban development corporation
project, has been been approved by the commissioner or  the  supervising
agency   and  the  local  legislative  body,  the  commissioner  or  the
supervising agency as  the  case  may  be,  shall  issue  a  certificate
declaring  that  the  acquisition  of  the property is necessary for the
public purpose defined in this article and the company may  acquire  the
property needed for the project or the municipality may, with respect to
a municipally-aided project or a project aided either by a state loan or
a  loan from the New York state housing finance agency, take property by
condemnation for the company, pursuant to the provisions of article nine
of this chapter.
(b) after a state  urban  development  corporation  project  has  been
approved  by  the  commissioner,  the  commissioner  shall authorize the
company undertaking the project to acquire the property needed for  such
project.
(c) Notwithstanding the provisions of subdivision (a) of this section,
in the case of a Battery Park city project financed or to be financed by
a loan from Battery Park city authority, the approval of the project and
the  certificate  declaring  that  the  acquisition  of  the property is
necessary for the public purposes  defined  in  this  article  shall  be
issued by Battery Park city authority.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 31-B - Assignment or Pledge of Tenant Cooperator's Shares.

§   31-b.   Assignment   or  pledge  of  tenant  cooperator's  shares.
  Notwithstanding any other provision of law, a tenant cooperator's shares
  in a mutual company may be assigned or pledged  as  collateral  for  the
  purpose  of  securing  a  loan  for  the  purchase of such shares.   The
  commissioner or supervising agency, as the case may be, shall promulgate
  regulations which provide that in the event of a default of  such  loan,
  such  shares  may be resold, and the dwelling accommodations represented
  by such shares may be occupied, only in accordance with  the  provisions
  of this article.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 31-C - Tenant-Cooperators; Application of Shares.

§  31-c.  Tenant-cooperators;  application  of  shares.  1.  No mutual
  company shall require a current tenant-cooperator to use cash,  loan  or
  mortgage  to  make  an initial payment for shares that would entitle the
  tenant-cooperator to occupancy upon transfer to  another  dwelling  unit
  within   the  mutual  company's  facilities,  but  instead,  subject  to
  subdivision two of this section, shall first allow the tenant-cooperator
  the option to apply the value of his or her shares  and  equity  in  the
  mutual  company  toward  any  consideration required to be paid for such
  shares.
2. Within one hundred eighty  days  of  the  effective  date  of  this
  section,  the  commissioner  and the supervising agency, as the case may
  be,  shall   each   promulgate   regulations   authorizing   a   current
  tenant-cooperator,  entitled  to  occupancy  by  reason  of ownership of
  shares in such mutual company, to apply all or a portion of the value of
  his  or  her  shares  and  equity  in  the  mutual  company  toward  any
  consideration  required  to  be  paid for shares which would entitle the
  tenant-cooperator to occupancy of another unit owned and operated by the
  mutual company,  regardless  of  the  sale  of  the  tenant-cooperator's
  current shares in such mutual company, but subject to such other charges
  due and owing to the mutual company for which such tenant-cooperator may
  be  liable.  Any  dispute  thereof  may  be  determined  by  a  court of
  appropriate jurisdiction and any requirement to waive such  right  as  a
  condition  of  ownership  or  transfer  shall  be void as against public
  policy.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 32-B - Annual Reports.

§ 32-b. Annual reports. The commissioner shall, on or before the first
  day  of July in each year, submit a report to the legislature, the state
  comptroller, and the attorney general on the implementation  of  article
  two  of  this chapter by the commissioner and the supervising agency and
  the policy included therein.  Such  report  shall  include  and  not  be
  limited  to  rent and carrying charge levels, changes therein, operation
  of the state capital grant program and  federal  subsidy  programs,  tax
  abatement  levels, total capital outlay, amortization, mortgage interest
  rates, income levels served  by  the  housing,  surcharge  billings  and
  collections  and  use  of  surcharge  revenues,  and vacancy rates. Such
  report shall  also  include  information  regarding  any  limited-profit
  housing company that has voluntarily dissolved in the preceding calendar
  year,  and any limited-profit housing company that has filed a notice of
  intent to dissolve in the current calendar year  with  the  commissioner
  and  the  supervising agency. This information shall include, but not be
  limited to, the name and address of the development, the number of units
  in  the  development,  a  range  of  amounts  of  rent  offered  in  the
  development,  the  number  of  tenants  in  the development, the current
  vacancy  rate  in  the  development,  income  levels   served   by   the
  development,   how   long   the   limited-profit   housing  company  has
  participated in the program,  and  any  sales  or  transfers  that  have
  occurred  since  the limited-profit housing company was created. For the
  purpose of preparing such report,  the  commissioner  may  request,  and
  shall  receive, from any municipality or supervising agency such data as
  he deems necessary or desirable and  such  municipality  or  supervising
  agency  shall  furnish  the  requested  data  within  sixty days of such
  request.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 34 - Foreclosure and Judgments.

§  34.  Foreclosure  and  judgments.  1.  Any  action or proceeding to
  foreclose a mortgage upon a company project, shall be in accordance with
  the applicable provisions of section ninety-four of this chapter.
2. In the event of an  unsatisfied  judgment  against  a  company  any
  action  not  pertaining  to  the  collection of a mortgage indebtedness,
  shall  be  in  accordance  with  the  applicable  provision  of  section
  ninety-five of this chapter.
3.  For  the  purpose  of  this section, wherever reference is made in
  sections ninety-four and  ninety-five  of  this  chapter  to  a  housing
  company,  it  shall  be  deemed to refer to a company as defined in this
  article.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 36 - Sale of Project Prior to Termination of Tax Exemption.

§  36.  Sale  of  project  prior  to  termination of tax exemption. 1.
  Except as otherwise provided in this article and prior to the expiration
  of thirty-five years from the date of occupancy, a project, other than a
  project  aided  by  a  loan  made  after  May  first,  nineteen  hundred
  fifty-nine,  shall not be sold except to a company organized pursuant to
  the provisions of this article; prior to the expiration of twenty  years
  from  the  date  of  occupancy, a project aided by a loan made after May
  first, nineteen hundred fifty-nine,  shall  not  be  sold  except  to  a
  company  organized  pursuant  to  the provisions of this article.   Such
  successor  company  shall  acquire  such  project  subject  to  all  the
  provisions  of the loan and mortgage contract and the provisions of this
  article, and shall be entitled to all  the  benefits  provided  in  such
  contract  or  granted under this article, and a company so conveying all
  its projects may be dissolved with the consent of  the  commissioner  or
  the supervising agency, as the case may be.
2.   In  the  event  of  any  sale  described  in  this  section,  the
  stockholders of the dissolving company shall in no  event  receive  more
  than the par value of their stock with accrued and unpaid dividends upon
  such stock.
2023 New York Laws › PVH - Private Housing Finance › Article 2 - Limited-Profit Housing Companies › 37 - Separability Clause.

§  37. Separability clause. 1. Except as specifically provided in this
  article, nothing contained therein shall be deemed to limit or  restrict
  any  power  or  authority  granted to banking institutions, foundations,
  labor unions, veterans' organizations, or insurance companies or to  any
  other  corporation  or  to  any  fiduciary by any other provision of law
  heretofore or hereafter enacted.
2. If any clause, sentence, paragraph, section or part of this article
  shall be adjudged by any court of competent jurisdiction to  be  invalid
  such  judgment  shall  not  affect,  impair  or invalidate the remainder
  thereof, but shall be confined in its operation to the clause, sentence,
  paragraph, section or part thereof directly involved in the  controversy
  in which such judgment shall have been rendered.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 45 - Transfer of Officers and Employees.

§  45.  Transfer  of officers and employees. Officers and employees of
  state departments and agencies may be  transferred  to  the  agency  and
  officers  and  employees  of  the  agency  may  be  transferred to state
  departments and agencies without examination and  without  loss  of  any
  civil  service  status or rights. No such transfer may, however, be made
  except with the approval of the head of the state department or division
  involved and the director of the budget and the chairman of the  agency,
  and  in  compliance  with the rules and regulations of the civil service
  commission of the state.
2023 New York Laws › PVH - Private Housing Finance › Article 3 - New York State Housing Finance Agency › 48 - Agreement With the State.

§  48.  Agreement  with the state. The state does hereby pledge to and
  agree with the holders of any notes or bonds issued under this  article,
  that  the  state will not limit or alter the rights hereby vested in the
  agency to fulfill the terms of any  agreements  made  with  the  holders
  thereof,  or  in  any way impair the rights and remedies of such holders
  until such notes or bonds, together  with  the  interest  thereon,  with
  interest  on  any  unpaid  installments  of  interest, and all costs and
  expenses in connection with any action or proceeding by or on behalf  of
  such holders, are fully met and discharged.  The agency is authorized to
  include this pledge and agreement of the state in any agreement with the
  holders of such notes or bonds.