New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 19 - CONDOMINIUM OFFERINGS › Section 19.8 - Determinations of elections by eligible senior citizens and eligible handicapped persons

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Election.
Subject to the other provisions of this section, a person
					 may seek exemption as an eligible senior citizen or an eligible handicapped
					 person as defined in General Business Law, section
					 352-e ee or 352-eeee by completing the
					 relevant form SH-1, SH-2 or SH-3 promulgated by the Department of Law and
					 included in the offering plan, and returning the form to the sponsor or his
					 designated agent within 60 days of the date the Department of Law files the
					 plan. The form must be served on the sponsor or his designated agent by
					 personal service or certified or registered mail, return receipt requested. The
					 sponsor or agent shall acknowledge receipt of the form and return an
					 acknowledged copy to the person making the election.
(b)
Determination of disputed
				  elections.
(1) A sponsor who disputes
				  the election by a person seeking exemption as an eligible senior citizen or
				  eligible handicapped person must apply to the Department of Law within 30 days
				  of the receipt of the election form for a determination by the Department of
				  Law of such person's eligibility.
(2) The application shall be in the form of
				  an affidavit sworn to by a person having knowledge of the facts and shall set
				  forth the following:
(i) a statement that the
				  application is made within 30 days of receipt of the election form;
(ii) the specific grounds for challenging the
				  exemption;
(iii) the basis for the
				  affiant's belief that the person making the election is not an eligible senior
				  citizen or eligible handicapped person; and
(iv) all supporting information and
				  documentation in the possession of the affiant bearing on the above.
(3) If the sponsor does not file a
				  timely application, the Department of Law shall determine that the person
				  making the election is an eligible senior citizen or eligible handicapped
				  person.
(4) Upon receipt of an
				  application and supporting documentation timely filed, the Department of Law
				  shall inform the person making the election that an application disputing his
				  or her eligibility has been received and shall request the person to submit an
				  answer to the application on forms prescribed by the Department of Law
				  supported by all relevant documentation in his or her possession within seven
				  business days. Failure to answer the application shall not preclude the
				  Department of Law from determining the eligibility of such person. The
				  Department of Law may, in its discretion, request the appearance of any witness
				  for the purpose of obtaining oral testimony on the issue or issues presented in
				  the dispute. Such person shall be notified that he or she may be represented by
				  counsel.
(5) On the basis of the
				  information contained in the election form, the sponsor's application, the
				  answer, if any, and oral testimony, if any, the Department of Law shall issue
				  its determination of eligibility.