Requires at least one director on a board of directors be a primary resident of the residential cooperative housing corporation and prohibits certain charges by such corporations without 30 days notice

Summary

The bill mandates that any residential cooperative housing corporation must have at least one board member who lives in the cooperative. It also stops these corporations from imposing new fees on shareholders unless the charge is disclosed in writing at least thirty days before it takes effect. The changes apply to both for‑profit and not‑for‑profit co‑ops and take effect immediately.

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