Sales of Rights

Proposed Rules: Closed to Comments

Agency:
Comment By: 
Thursday, July 19, 2012
Keywords:
Download Copy of Proposed Rule (.pdf): 

 

 

STATEMENT OF BASIS AND PURPOSE

 

Pursuant to § 282 of Article 7-C of the MDL (“Loft Law”), the Loft Board may promulgate rules to ensure compliance with the Loft Law. On June 21, 2010, the Legislature amended the Loft Law. Chapters 135 and 147 of the Laws of 2010, among other things, added MDL § 281(5), and increased the civil penalties that may be imposed for violations of Loft Board rules.

 

MDL § 286(12) allows a residential occupant to sell his or her Loft Law rights to the owner. The proposed amendment addresses the procedures for a sale of rights, as applied to residential occupants of units covered under the Loft Law including occupants covered pursuant to MDL § 281(5).

 

The proposed changes:

 

·         Increase the civil penalties that may be imposed for failure to timely file a Sales Record form.

 

·         Clarify that a purported sale of rights pursuant to MDL § 286(12) made prior to June 21, 2010 for units subject to coverage pursuant to MDL § 281(5) will not be given any effect by the Loft Board.

 

·         Requires that the estate of a residential occupant entitled to protection be an affected party in an abandonment application.

 

·         Include minor edits to promote clarity and organization of the rule.

 

 

Public Hearing
Subject: 

Opportunity to comment on proposed rule changes to Section 2-10 of the Loft Board Rules which relate to the sale of Article 7-C rights.

Public Hearing Date: 
Tuesday, June 19, 2012 - 2:00pm
Contact: 

New York City Loft Board
280 Broadway
3rd Floor
New York, NY 10007
(212) 566-5663

Location: 
280 Broadway 3rd Floor
New York, NY 10007