reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 21 - NEWLY CONSTRUCTED AND VACANT COOPERATIVES › Section 21.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Applicability.
The offering statement or "offering plan" required by
					 section 352-e  of the General Business Law for a
					 cooperative that meets the requirements set forth in this section is subject to
					 this Part. Except as provided in paragraph (4) of this subdivision, offering
					 plans submitted pursuant to this Part are not subject to the provisions of any
					 other Part.
(1) The building is
				  completely vacant of individuals residing in the building on the date of
				  submission of the offering plan to the Department of Law or the building is to
				  be newly constructed.
(2) The
				  cooperative is not organized as a time-sharing arrangement.
(3) One or more of the cooperative units
				  being offered are used for residential purposes or for combined
				  residential/home occupation purposes.
(4) The conversion of a vacant or newly
				  constructed building to two or more condominium units and the conversion of one
				  or more of the condominium units to an apartment corporation is primarily
				  subject to this Part. In addition, the offering plan must comply with the
				  requirements of Part 20 to the extent necessary to comply with subdivision (b)
				  of this section.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 21 - NEWLY CONSTRUCTED AND VACANT COOPERATIVES › Section 21.3 - Format and content

Current through Register Vol. 46, No. 28, July 10, 2024
Plans submitted pursuant to this Part must comply with the format and minimal disclosure requirements set forth in subdivisions (a) through (bb) of this section in addition to the requirements of article 23-A of the General Business Law.
(a)
Cover.
The outside front cover of the offering plan shall contain the following information:
(1) the title in bold face type: COOPERATIVE OFFERING PLAN followed by the address of the property and the number of units being offered;
(2) the cash amount of the offering which shall be based on the aggregate price at which the shares are initially offered. State the number of shares and the approximate number of units;
(3) amount of the outstanding mortgage(s) which shall be based on the projected unpaid balance of all mortgages encumbering the property at the time it is acquired by the apartment corporation;
(4) the total offering price which shall include the reserve fund (if any) and the working capital fund (if any);
(5) the name and principal business address of the sponsor and selling agent. Telephone numbers may also be included;
(6) the approximate date of first offering which shall not be earlier than the date the Department of Law files the plan. The term of the initial offer is 12 months commencing on the date indicated in the letter from the Department of Law stating that the plan is filed. The term may be extended by an amendment to the offering plan. The dates should be left blank at printing and completed after the plan is filed;
(7) the following statement in capital letters, printed in bold face common type at least as large as 10-point modern type and at least 2 points leaded:
THIS OFFERING PLAN IS THE SPONSOR'S ENTIRE OFFER TO SELL THESE COOPERATIVE UNITS. NEW YORK LAW REQUIRES THE SPONSOR TO DISCLOSE ALL MATERIAL INFORMATION IN THIS PLAN AND TO FILE THIS PLAN WITH THE NEW YORK STATE DEPARTMENT OF LAW PRIOR TO SELLING OR OFFERING TO SELL ANY UNIT. FILING WITH THE DEPARTMENT OF LAW DOES NOT MEAN THAT THE DEPARTMENT OR ANY OTHER GOVERNMENT AGENCY HAS APPROVED THIS OFFERING;
(8) if the plan contains any special risks, as defined in subdivision (c) of this section, the following statement in capital letters printed in bold face common type at least as large as 10-point modern type and at least 2 points leaded:
THIS PLAN CONTAINS SPECIAL RISKS TO PURCHASERS SEE PAGE __.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 21 - NEWLY CONSTRUCTED AND VACANT COOPERATIVES › Section 21.5 - Amendments

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
General.
Documents filed with the Department of Law to supplement or
					 amend an offering plan previously filed pursuant to this Part and new or
					 amended literature to be employed in connection with an offering (collectively,
					 "amendment[s]") shall be deemed part of the offering statement and shall meet
					 the following requirements:
(1) Any
				  amendment submitted for filing to the Department of Law which would be in
				  derogation of purchaser's rights in the offering plan or would abrogate
				  sponsor's obligations under the offering plan must be expressly noted in the
				  transmittal letter accompanying the amendment.
(2) Except as provided in subdivision (d) of
				  this section, an amendment to an offering plan shall become effective on the
				  date indicated in the letter issued by the Department of Law stating that the
				  amendment has been filed, and not sooner.
(3) If the offering plan does not comply with
				  section 21.1(b)  of this
				  Part due to change of events, the passage of time or any other reason, the
				  offering plan must be amended promptly.
(4) An amendment must include all material
				  changes of facts or circumstances affecting the property, or the offering
				  unless the changes of fact were described in a prior amendment submitted to but
				  not yet filed with the Department of Law.
(5) Amendments to offering plans that have
				  been filed with the Department of Law must be attached to the inside front
				  cover of the offering plan before the amended plan is distributed to the
				  public. The cover of the offering plan must be stamped: "This plan has been
				  amended. See inside cover." Any revisions, additions or deletions of specific
				  language in the offering plan should reprint a sufficient portion of the
				  paragraph from the offering plan with the revisions to be understood
				  easily.
(6) Sponsor must grant
				  purchasers a right of rescission and a reasonable period of time to exercise
				  the right and sponsor must return any deposit or downpayment promptly if there
				  is a material amendment to the offering plan that adversely affects the
				  purchasers.
(7) Amendments must be
				  served on offerees in accordance with section
				  21.1(e)  of this
				  Part.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 21 - NEWLY CONSTRUCTED AND VACANT COOPERATIVES › Section 21.6 - Advertisements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Except as
				  provided in subdivision (b) of this section, all advertising in print or other
				  media as well as circulars, flyers, cards, letters and other literature
				  employed to solicit interest (advertisement) for offering plans filed pursuant
				  to this Part shall contain the following statement in easily readable print
				  separated from the body of the advertisement or spoken in easily understandable
				  terms:
THE COMPLETE OFFERING TERMS ARE IN AN OFFERING PLAN
					 AVAILABLE FROM SPONSOR.
(b) Notwithstanding subdivision (a) of this
				  section, in all classified type advertisements not more than five inches long
				  and not more than one column of print wide, the following statement may be
				  used, in lieu of the statement required in subdivision (a) of this section:
SALE ONLY ON TERMS IN OFFERING
					 PLAN.
(c) Any chart
				  or diagram used in an advertisement must be consistent with the offering plan.
				  Any room or floor plan must be to scale.
(d) No abbreviations shall be employed in
				  advertisements, unless the meaning is unmistakably clear.
(e) All advertisements in connection with an
				  offering plan filed pursuant to this Part shall be consistent with the
				  representations and information required to be set forth by the General
				  Business Law and this Part. All assertions of fact in advertisements must be
				  provably true.
(f) Anticipated
				  maintenance charges shall be preceded by the word "projected". There shall be
				  no subtraction or representation of specific dollar or percentage saving
				  because of anticipated tax deductions.
(g) Advertisements of amenities or services
				  available at a fee charged in addition to the maintenance charge or in addition
				  to the purchase price must refer to the additional fee. Advertisements of
				  amenities or services that will not be available at closing must state the
				  approximate date of availability.
(h) Artist rendering of a property in an
				  advertisement must accurately and realistically depict the dimensions, height
				  and landscaping of the project and surrounding roads, buildings and open
				  space.
(i) Advertisement of
				  financing offered or procured by sponsor must include the term of the financing
				  when the term is less than three years.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 21 - NEWLY CONSTRUCTED AND VACANT COOPERATIVES › Section 21.7 - Description of property (and specification) (and building condition)

Current through Register Vol. 46, No. 28, July 10, 2024
Each offering plan submitted pursuant to this Part must
					 include a comprehensive description of the building(s) and property included in
					 the project. If any materials being used are not new, the condition should be
					 fully described. Describe and set forth outline specifications for all
					 applicable items in the order listed below. If the building is undergoing
					 partial rehabilitation, describe the condition of the major systems that are
					 not being rehabilitated and are likely to require major upgrading within the
					 next five years and highlight as a special risk.
(a)
Location and use of
				  property.
State whether this property and proposed use will comply
					 with all zoning and use requirements at closing. Include in discussion:
(1) address;
(2) block and lot number;
(3) zoning; and
(4) permissible use.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 22 - NEWLY CONSTRUCTED, VACANT HOMEOWNERS ASSOCIATIONS OR NON-RESIDENTIAL PROPERTY OWNERS ASSOCIATIONS › Section 22.6 - Advertisements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Except as
				  provided in subdivision (b) of this section, all advertising in print or other
				  media as well as circulars, flyers, cards, letters and other literature
				  employed to solicit interest (advertisement) for offering plans filed pursuant
				  to this Part shall contain the following statement in easily readable print
				  separated from the body of the advertisement or spoken in a distinctly audible
				  voice.
THE COMPLETE OFFERING TERMS ARE IN AN OFFERING PLAN
					 AVAILABLE FROM SPONSOR. FILE NO. H-____.
(b) Notwithstanding subdivision (a) of this
				  section, in all classified type advertisements not more than five inches long
				  and not more than one column of print wide, the following statement may be used
				  in lieu of the statement required in subdivision (a) of this section at the end
				  of the advertisement and separated from the body of the advertisement:
SEE OFFERING PLAN FOR FULL TERMS. FILE NO.
					 H-____.
(c) Any chart or
				  diagram used in an advertisement must be consistent with the offering plan. Any
				  room or floor plan must be to scale.
(d) No abbreviations shall be employed in
				  advertisements unless the meaning is unmistakably clear.
(e) All advertisements in connection with an
				  offering plan filed pursuant to this Part shall be consistent with the
				  representations and information required to be set forth by the General
				  Business Law and this Part. All assertions of fact in advertisements must be
				  demonstrably true.
(f) Anticipated
				  association or other carrying charges shall be preceded by the word "projected"
				  or "estimated" or abbreviations of those terms. In estimating association
				  charges, including real estate taxes and, if applicable, individual unit
				  mortgages, there shall be no subtraction or representation of specific dollar
				  savings because of anticipated tax deductions, unless all assumptions are
				  disclosed.
(g) Advertisements of
				  amenities or services available at a fee charged in addition to association
				  assessments or other charges or in addition to the purchase price must refer to
				  the additional fee. Advertisements of amenities or services that will not be
				  available at closing must state the approximate date of availability.
(h) An artist's rendering of a property in an
				  advertisement must be marked as an artist's rendering and must accurately and
				  realistically depict the dimensions, height and landscaping of the property and
				  surrounding roads, buildings and open space.
(i) Advertisements of financing offered or
				  procured by sponsor must include the term of the financing when the term is for
				  less than five years.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 22 - NEWLY CONSTRUCTED, VACANT HOMEOWNERS ASSOCIATIONS OR NON-RESIDENTIAL PROPERTY OWNERS ASSOCIATIONS › Section 22.7 - Description of HOA property and specifications or building condition

Current through Register Vol. 46, No. 28, July 10, 2024
Each offering plan submitted pursuant to this Part must
					 include a comprehensive narrative description of the building(s) and property
					 owned or maintained by the HOA. For newly constructed buildings, the condition
					 of all items is presumed to be new and need not be stated; if the condition is
					 other than new, so state. For existing buildings, emphasis should be on present
					 condition of premises including deficiencies probably unknown to commercial
					 occupants, rather than the description of material make-up visually obvious.
					 The inspection of the property upon which the description is based must have
					 taken place within 180 days prior to submission of the offering plan to the
					 Department of Law. The Department of Law may in its discretion require a
					 further inspection and report. For existing buildings, the condition of all
					 systems and materials must be fully described. Such report(s) shall disclose
					 all defective conditions apparent upon inspection, and shall note any defective
					 condition which is hazardous or which requires immediate repair to prevent
					 further deterioration. Identify and describe all applicable items in the order
					 listed below.
(a) Describe the
				  location of the property.
(b)
Site.
Discuss:
(1) size
				  (acreage);
(2) number of buildings
				  and use;
(3) streets owned or
				  maintained by the HOA:
(i) paving (materials,
				  thickness, width and condition);
(ii) curbing (material and
				  condition);
(iii) catch basins,
				  drainage (location and condition);
(iv) street and sidewalk lighting (material,
				  type, location and condition);
(v)
				  whether streets will be built according to applicable governmental standards
				  for public streets and/or will be dedicated to the local governing
				  authority;
(4) drives,
				  sidewalks and ramps:
(i) paving (materials,
				  thickness, width and condition);
(ii) curbing (material and
				  condition);
(iii) catch basins,
				  drainage (location and condition).
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 23 - OCCUPIED CONDOMINIUMS › Section 23.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Applicability.
The offering statement or "offering plan" required by
					 section 352-e  of the General Business Law (G.B.L.)
					 for a condominium that meets the requirements set forth below is subject to
					 this Part. Except as provided in paragraphs (4)-(5) of this subdivision,
					 offerings subject to this Part are not subject to any other Part.
(1) One or more individuals reside in the
				  building or are entitled to residential occupancy on the date the proposed
				  offering plan is submitted to the Department of Law.
(2) The condominium is not organized as a
				  time-sharing arrangement.
(3) One
				  or more of the condominium units to be offered are used for residential
				  purposes or for combined residential/home occupation purposes. A condominium
				  offering for commercial use only is not subject to this Part.
(4) The conversion of an occupied building to
				  two or more condominium units along with the conversion of one or more of the
				  condominium units to a cooperative apartment corporation (condo-coop) is also
				  subject to Part 18 of this Title (Occupied Cooperatives).
(5) If membership in a homeowners'
				  association or similar entity is included or is to be sold in conjunction with
				  the offering of condominium units, the offering plan must also comply with the
				  requirements of Part 22 of this Title (Homeowners' Associations).
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 23 - OCCUPIED CONDOMINIUMS › Section 23.7 - Description of property and building condition

Current through Register Vol. 46, No. 28, July 10, 2024
Each offering plan submitted pursuant to this Part must
					 include a comprehensive narrative description of the building(s) and property
					 included in the project. Emphasis should be on present condition of premises
					 including deficiencies probably unknown to occupants, rather than description
					 of material make-up visually obvious to each resident. The inspection of the
					 property upon which the description is based must have taken place within 180
					 days prior to submission of the offering plan to the Department of Law. The
					 Department of Law may in its discretion require a further inspection and
					 report. The condition of all systems and materials must be fully described.
					 Such report(s) shall disclose all defective conditions apparent upon
					 inspection, and shall note any defective condition which is hazardous or which
					 requires immediate repair to prevent further deterioration. Identify and
					 describe all applicable items in the order listed below. Where an item is not
					 specifically identifiable, it may be generally described,
e.g.,
"two rows of deciduous trees" rather than "12 poplar and
					 12 maple trees in two lines." Where an item is not identifiable at all, a
					 reason must be presented substantiating its unavailability.
(a)
Location and use of
				  property.
State whether this property and proposed use will comply
					 with all zoning and use requirements at closing. Include in discussion:
(1) address;
(2) block and lot number;
(3) zoning; and
(4) permissible use.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 23 - OCCUPIED CONDOMINIUMS › Section 23.8 - Eligible senior citizens and eligible disabled persons

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Election.
A tenant may elect not to purchase as an eligible senior
					 citizen or eligible disabled person as defined in G.B.L., section 352-e(2-a) or
					 352-eeee, or as an eligible disabled person as defined in G.B.L., section
					 352-eee, within 60 days from the presentation date by completing the applicable
					 form, SH-1 or SH-2, prescribed by the Department of Law and included in the
					 offering plan immediately preceding the introduction page, signing the election
					 form and having the signature notarized and personally delivering it to the
					 named sponsor or agent at a location specified by the sponsor in the plan, or
					 by mailing it by certified or registered mail, return receipt requested to the
					 named sponsor or agent at an address specified by the sponsor in the plan.
					 G.B.L., section 352-eee does not require that a tenant file an election form in
					 order to qualify as an eligible senior citizen. However, it is advised and
					 requested that a tenant, who believes he or she is or will become an eligible
					 senior citizen within 12 months from the date the plan is filed, complete the
					 election form SH-5 promulgated by the Department of Law and included in the
					 plan. This senior citizen election form should be completed, signed, notarized
					 and returned to the sponsor. In the event that the plan becomes subject to
					 G.B.L., section 352-e(2-a) after the plan was accepted for filing:
(a) the plan must be amended immediately
				  after the statute becomes applicable to such offering, and
(b) such election may be made within 60 days
				  of presentation of such amendment.
(1) An SH-1
				  or SH-2 election form is timely if it is personally delivered or postmarked
				  before midnight of the 60th day after the presentation date subject to
				  statutory rules of construction. An SH-5 election form may be delivered at any
				  time.
(2) The sponsor or agent
				  shall acknowledge receipt of the election form and promptly return an
				  acknowledged copy to the nonpurchasing tenant.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 23 - OCCUPIED CONDOMINIUMS › Section 23.9 - Applications for no-action letters

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Applicability.
Upon application made in accordance with the requirements
					 of this section, the Department of Law may, in its discretion, issue a
					 "no-action letter" stating that it will not take enforcement action based on
					 the transaction described in the application occurring without the filing of an
					 offering plan pursuant to section 352-e of the G.B.L.
(1) A no-action letter may be issued where
				  the Department of Law determines that:
(i) the
				  relationship between the offerors and all the offerees is of such a nature that
				  the offerees do not require the protection of an offering plan; and
(ii) the relationship between all offerees
				  and the condominium units being offered is such that all the offerees are aware
				  of the condition of the property which is the subject of the offering;
				  and
(iii) the filing of an offering
				  plan pursuant to G.B.L. section 352-e is not necessary to effectuate the
				  purpose of G.B.L., article 23-A or to protect the public interest.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 24 - TIMESHARE OFFERING PLANS › Section 24.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Applicability.
The offering statement or "offering plan" required by
					 section 352-e  of the General Business Law ("GBL")
					 for a timesharing plan is subject to this Part. Offerings subject to this Part
					 are not subject to any other Part. Resales by individual purchasers of
					 individual timeshare units are not subject to the filing requirements of
					 section 352-e of the GBL. In projects which are otherwise fully sold out,
					 resales by sponsor of units upon which the sponsor has foreclosed are not
					 subject to the filing requirements of section 352-e of the GBL.
(b)
Standard of
				  compliance.
An offering plan must, at a minimum:
(1) contain in detail the terms of the
				  transaction and be complete, current and accurate;
(2) afford potential investors, purchasers
				  and participants an adequate basis upon which to found their
				  judgment;
(3) not omit any material
				  fact;
(4) not contain any untrue
				  statement of a material fact;
(5)
				  not contain any fraud, deception, concealment, suppression, false pretense or
				  fictitious or pretended purchase or sale;
(6) not contain any promise or representation
				  as to the future which is beyond reasonable expectation or unwarranted by
				  existing circumstances; and
(7) not
				  contain any representation or statement which is false, where the sponsor or
				  the person who made such representation or statement;
(i) knew the truth;
(ii) with reasonable effort could have known
				  the truth;
(iii) made no reasonable
				  effort to ascertain the truth; or
(iv) did not have knowledge concerning the
				  representation or statement made.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 24 - TIMESHARE OFFERING PLANS › Section 24.5 - Amendments

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
General.
Documents to supplement or amend an offering plan
					 (collectively, "amendment[s]") shall be deemed part of the offering plan and
					 shall meet the following requirements:
(1) If the offering plan does not comply with
				  General Business Law, section
				  352-e(1)(b) or section
				  24.1(b)  of this Part, due to change of circumstances, the passage of time or
				  any other reason, the offering plan must be amended promptly.
(2) An amendment must include a
				  representation that all material changes of facts or circumstances affecting
				  the property or the offering are included, unless the changes were described in
				  prior amendment(s) submitted to but not yet filed with the Department of
				  Law.
(3) Except as provided in
				  subdivision (d) of this section, an amendment to an offering plan shall be
				  filed on the date indicated in the letter issued by the Department of Law
				  stating that the amendment has been filed, and not sooner.
(4) Amendments that have been filed with the
				  Department of Law must be attached to the inside front cover of the offering
				  plan before the amended plan is distributed to the public. The cover of the
				  offering plan must be stamped: "This plan has been amended. See inside cover."
				  Any revisions, additions or deletions of specific language in the offering plan
				  should reprint a sufficient portion of the paragraph from the offering plan as
				  revised so that the revised portion of the offering plan may be understood
				  easily. An offering plan may be rewritten to incorporate the amendments into
				  the body of the plan, and must be rewritten, if required by the Department of
				  Law.
(5) If there is a substantial
				  amendment to the offering plan that adversely affects purchasers under
				  contract, the sponsor must grant timeshare purchasers a right of rescission and
				  a reasonable period of time that is not less than 15 days after notice to
				  exercise the right. Sponsor must promptly return any money paid by a purchaser
				  who rescinds.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 24 - TIMESHARE OFFERING PLANS › Section 24.7 - Description of property

Current through Register Vol. 46, No. 28, July 10, 2024
Except as provided in subdivision (bb) of this section,
					 each offering plan submitted must include a comprehensive description of the
					 timeshare buildings and property and buildings and property outside the
					 immediate timeshare regime which timeshare owners have the right to use and
					 occupy as part of the timesharing plan (at no additional charge or at a
					 discount from rates charged to the general public). If any materials being used
					 are not new, the condition should be fully described. Describe and set forth
					 outline specifications for all applicable items in the order listed below. If
					 the building is undergoing partial rehabilitation, describe the condition of
					 the major systems that are not being rehabilitated and are likely to require
					 major upgrading within the next five years, and highlight as a special
					 risk.
(a)
Location and use of
				  property.
State whether this property and proposed use will comply
					 with all zoning and use requirements. Include in discussion:
(1) address;
(2) block and lot number;
(3) zoning; and
(4) permissible use.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 25 - NEWLY CONSTRUCTED OR VACANT SENIOR RESIDENTIAL COMMUNITIES › Section 25.1 - General

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Applicability.
The offering statement or "offering plan" required by
					 section 352-e  of the General Business Law ("GBL")
					 for a senior residential community that meets the requirements set forth below
					 is subject to this Part, "Newly Constructed or Vacant Senior Residential
					 Communities." The offering plan must be filed with the Department of Law prior
					 to the commencement of any offer to the public of residence in the
					 community.
(1) The proposed senior
				  residential community ("residence") will be established as a cooperative,
				  condominium or homeowners association or will require as a prerequisite to
				  admission the payment of a substantial entrance fee by applicants for residence
				  in the community. Continuing care retirement communities authorized under
				  Public Health Law, articles 46 and 46-A are exempt from the filing requirements
				  of this Part.
(2) The residence is
				  established as a residence for senior citizens, and may impose a minimum age
				  requirement for one or more occupants of a unit.
(3) Offerings subject to this Part are also
				  subject to the relevant regulations for cooperatives (Part 21 of this Title),
				  condominiums (Part 20 of this Title), or homeowners associations (Part 22 of
				  this Title), if the Residence offered is to be organized as one of those forms
				  of ownership. If the plan is submitted pursuant to Part 20, 21 or 22 of this
				  Title, it must comply with those Parts and those sections of this Part not
				  addressed by Part 20, 21 or 22 of this Title, such as section
				  25.3(o)"Terms of
				  Residency Agreement" of this Part.
(4) Residences to be offered which meet the
				  criteria of paragraphs (1) and (2) of this subdivision and also provide
				  services which require a license or operating certificate from other State or
				  local agencies, must obtain approval from such agencies and comply with this
				  Part as well.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 25 - NEWLY CONSTRUCTED OR VACANT SENIOR RESIDENTIAL COMMUNITIES › Section 25.3 - Format and content

Current through Register Vol. 46, No. 28, July 10, 2024
Plans subject to this Part must comply with the format and minimum disclosure requirements set forth herein in addition to the requirements of provisions of article 23-A of the GBL.
(a)
Cover.
The outside front cover of the offering plan shall contain the following information in the following order:
(1) The title in bold-face type: SENIOR RESIDENTIAL COMMUNITY OFFERING PLAN followed by the name of the residence and the address of the property, including the county.
(2) State the number of units being offered. If the number of units being offered is not firm on the date of submission of the offering, state the maximum number of units and the minimum number of units or square footage of units that the sponsor is committed to offering. Indicate if certain units are not being offered for occupancy.
(3) The name and principal business address of the sponsor and the broker. Telephone numbers may also be included. The address of the sponsor must not be in care of sponsor's attorney, nor may it be a post office box.
(4) The statement: "Date of Acceptance for Filing", which shall be the date the Office of the Attorney General files the plan. The term of the initial offer is 12 months commencing on the date of the letter from the Office of the Attorney General stating that the plan is filed. The term may be extended by an amendment to the offering plan. The date of the plan should be left blank when:
(i) the proposed plan is first submitted to the Office of the Attorney General; and
(ii) when the final plan is submitted to the Office of the Attorney General.
(5) If the plan contains a special risk section, the statement:
SEE PAGE ___ FOR SPECIAL RISKS TO RESIDENTS must be printed apart from other print and be in capital letters, in bold-face roman type at least eight-point modern type and at least two points leaded.
(6) The following statement in capital letters printed in bold-face roman type at least as large as eight-point modern type and at least two points leaded must be included on the cover of all plans filed with the Office of the Attorney General:
THIS OFFERING PLAN IS THE ENTIRE OFFER TO LEASE THESE UNITS IN A SENIOR RESIDENTIAL COMMUNITY. NEW YORK LAW REQUIRES THE SPONSOR TO DISCLOSE ALL MATERIAL INFORMATION IN THIS PLAN AND TO FILE THIS PLAN WITH THE NEW YORK STATE OFFICE OF THE ATTORNEY GENERAL PRIOR TO TAKING ENTRANCE FEES AND LEASING OR OFFERING TO LEASE ANY UNIT IN A SENIOR RESIDENTIAL COMMUNITY. FILING WITH THE OFFICE OF THE ATTORNEY GENERAL DOES NOT MEAN THAT THE DEPARTMENT OR ANY OTHER GOVERNMENT AGENCY HAS APPROVED THIS OFFERING.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 25 - NEWLY CONSTRUCTED OR VACANT SENIOR RESIDENTIAL COMMUNITIES › Section 25.6 - Advertisements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Except as
				  provided in subdivision (b) of this section, all advertising in print or other
				  media as well as circulars, flyers, cards, letters and other literature
				  employed to solicit interest ("advertisement") for offering plans filed
				  pursuant to this Part shall contain the following statement in easily readable
				  print separated from the body of the advertisement or spoken in a distinctly
				  audible voice.
THE COMPLETE OFFERING TERMS ARE IN AN OFFERING PLAN
					 AVAILABLE FROM SPONSOR. FILE NO. CR- _____.
(b) Notwithstanding subdivision (a) of this
				  section, in all classified type advertisements not more than five inches long
				  and not more than one column of print wide, the following statement may be used
				  in lieu of the statement required in subdivision (a) of this section at the end
				  of the advertisement and separated from the body of the advertisement:
SEE OFFERING PLAN FOR FULL TERMS. FILE NO.
					 CR-_____.
(c) Any
				  chart or diagram used in an advertisement must be consistent with the offering
				  plan. Any room or floor plan must be to scale.
(d) No abbreviations shall be employed in
				  advertisements unless the meaning is unmistakably clear.
(e) All advertisements in connection with an
				  offering plan filed pursuant to this Part shall be consistent with the
				  representations and information required to be set forth by the General
				  Business Law and this Part. All assertions of fact in advertisements must be
				  demonstrably true.
(f) Anticipated
				  monthly fees and optional service fees shall be preceded by the word
				  "projected" or "estimated" or abbreviations of those terms.
(g) Advertisements of amenities or services
				  available at a fee charged in addition to the monthly fees must refer to the
				  additional fee. Advertisements of amenities or services that will not be
				  initially available must state the approximate date of availability.
(h) An artist's rendering of a property in an
				  advertisement must be marked as an artist's rendering and must accurately and
				  realistically depict the dimensions, height and landscaping of the property and
				  surrounding roads, buildings and open space.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 25 - NEWLY CONSTRUCTED OR VACANT SENIOR RESIDENTIAL COMMUNITIES › Section 25.7 - Description of property specifications or building condition

Current through Register Vol. 46, No. 28, July 10, 2024
Each offering plan submitted pursuant to this Part must
					 include a comprehensive narrative description of the building(s) and property
					 included in the project. For newly constructed buildings, the condition of all
					 items is presumed to be new and need not be stated; if the condition is other
					 than new, so state. For existing buildings, emphasis should be on present
					 condition of premises, rather than the description of material make-up visually
					 obvious. The inspection of the property upon which the description is based
					 must have taken place within 180 days prior to submission of the offering plan
					 to the Office of the Attorney General. The Office of the Attorney General may
					 in its discretion require a further inspection and report. For existing
					 buildings, the condition of all systems and materials must be fully described.
					 Such report(s) shall disclose all defective conditions apparent upon
					 inspection, and shall note any defective condition which is hazardous or which
					 requires immediate repair to prevent further deterioration. Identify and
					 describe all applicable items in the order listed below. Where an item is not
					 specifically identifiable it may be generally described,
e.g.,
"two rows of deciduous trees" rather than "12 poplar and 12 maple trees in two
					 lines". Where an item is not identifiable at all, a reason must be presented
					 substantiating its unavailability.
(a)
Location and use of property.
State whether this property and proposed use will comply
					 with all zoning and use requirements at commencement of occupancy. Include in
					 discussion:
(1) address;
(2) block and lot number;
(3) zoning; and
(4) permissible use.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter III - THEATRICAL SYNDICATION FINANCING › Part 50 - THEATRICAL FINANCING › Section 50.3 - Contents of offering literature for a particular specified production filed pursuant to section 50.1(n)(1) of this Part in connection with an offer to fund a particular specified production

Current through Register Vol. 46, No. 28, July 10, 2024
(a) There shall be set forth on the outside
				front cover page the following:
(1) a
				statement in capital letters printed in boldface roman type at least as large
				as 10-point modern type and at least two points leaded (or if typed, with
				underlining):
THE ATTORNEY GENERAL OF THE STATE OF NEW YORK DOES NOT
				  PASS ON THE MERITS OF THIS OFFERING.
There shall be no other reference to filing with the Attorney
				  General or the Department of Law anywhere in the offering
				  literature:
(2) the name or
				proposed name of the theatrical production company and its proposed
				purpose;
(3) the name of the issuer
				or other offeror;
(4) the maximum
				and minimum amount of the offering;
(5) the amount of overcall, if any;
(6) the proposed site of the production, such
				as Broadway, off-Broadway, bus and truck, regional theatre; and the seating
				capacity of the theatre for which the production is geared;
(7) if a portion of the funds is to be used
				to pay for the costs of a "workshop" or other developmental production, this
				fact must be disclosed immediately after the proposed site of the production,
				in a box which shall contain the following or substantially similar language:
$__ of the total amount to be raised pursuant to this
				  offering will be used to pay for the costs of a "workshop" production (if other
				  form of developmental production, so state).Depending upon the outcome of that
				  venture, there is a possibility that a subsequent full-scale production may
				  never take place. Investors who authorize the use of their contributions prior
				  to the completion of the offering, in particular, should note that their
				  contributions may have been expended for the "workshop" production and may not
				  be returned to them even if the production which is the subject of this offer
				  is never presented.
If the "workshop" or other developmental production has
				  already been produced, the second sentence of the legend, above, may be deleted
				  and the body of the offering literature shall include the information required
				  by section
				  50.3(d)(25)  of
				  this Part.
(8) the date of
				the offering literature (leave blank until notified of acceptance for filing by
				Department of Law), followed by a statement that the offering literature may
				not be used for a period of more than nine months thereafter. Such statement
				shall not eliminate the need to amend the offering literature during said
				nine-month period as provided herein.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter III - THEATRICAL SYNDICATION FINANCING › Part 50 - THEATRICAL FINANCING › Section 50.5 - Amended offering literature

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Offering literature and investment agreements filed pursuant to section
				50.1(n)  of this
				Part may be used for a period of not more than nine months from the date of the
				original submission for filing with the Department of Law. After nine months,
				the offering may be continued by the submission for filing of amended offering
				literature setting forth all material information relating to the offering at
				such time. Offering literature filed with the Securities and Exchange
				Commission as an amendment shall be submitted for filing to the Department of
				Law prior to its use in New York State.
(b) In the event of any material change in
				the information contained in the offering literature, as originally submitted
				or amended, which occurs prior to the completion of the offering, the offeror
				or other issuer of syndication interests in a theatrical production company
				shall file with the Department of Law and distribute to prospective purchasers
				amended offering literature disclosing such material changes. In the event of
				any material change in the terms of the offer or the information contained in
				the offering literature which requires the filing of amended offering
				literature, an offer by letter shall be made to each investor to rescind his
				investment in the theatrical production company, provided, however, that an
				offer of rescission shall not be required when the issuer or other offeror has,
				prior to the completion of the offering, acquired an interest in a theatrical
				production or any elements thereof for the benefit of the theatrical production
				company where such acquisition is consistent with the business plan of the
				theatrical production company as set forth in the offering literature pursuant
				to section
				50.4  of this Part.
New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter III - THEATRICAL SYNDICATION FINANCING › Part 50 - THEATRICAL FINANCING › Section 50.6 - Method of filing offering literature other than that filed with the Securities and Exchange Commission, as referred to in section 50.1(m) of this Part

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Offering
				literature, other than that filed with the Securities and Exchange Commission,
				which is required to be filed with the Department of Law pursuant to section
				50.1(n) and (o) 
				of this Part and article 23 of the Arts and Cultural Affairs Law, shall be
				filed with the Department of Law at its office in the City of New York, as
				follows:
(1) A filing pursuant to section
				50.1(n)(1)  of
				this Part may only be made by filing two copies of the offering circular or
				prospectus or private placement memorandum, two copies of the investment
				agreement and other documents required by section
				50.7  of this Part prior to the
				offering of the syndication interests.
(2) A filing made pursuant to section
				50.1(n)(2)  of
				this Part may only be made by filing two copies of the investment agreement and
				other documents required by section
				50.7  of this Part prior to the
				offering of the syndication interests.
(3) A filing made pursuant to section
				50.1(o)  of this
				Part may only be made as follows:
(i) The
				Department of Law must be notified, on form ATS-4 by the issuer or other
				offeror of his intent to proceed by means of waivers within 30 days after the
				initial receipt of monies other than front money from an investor, unless the
				waivers have been filed prior to such time.
(ii) All original waivers, two copies of the
				investment agreement and one copy of the certificate of limited partnership (if
				this form is used) shall be filed with the Department of Law, not later than
				the first public performance of the theatrical production or, in the case of an
				offering made pursuant to section
				50.4  of this Part, within seven
				days of the completion of the minimum offering together with one copy of all
				contracts and options with authors or a statement by the issuer or other
				offeror or the attorney for the theatrical production company that, with
				respect to each theatrical production to be produced, developed or invested in
				by such company, the issuer or other offeror has secured or will secure the
				rights to the production or an option therefor from the authors. At the time of
				the filing, the producers shall represent that they have no knowledge or belief
				that the offering was made to more than 35 offerees, and that the producers do
				not know of any investors represented by nominees other than those listed on
				the waivers as submitted.