Establishes certain rights for shareholders in limited-profit housing companies

This bill (S 1658) establishes specific rights for shareholders in New York's limited-profit housing companies (commonly known as co-ops). It requires housing companies to provide shareholders with clear, annual information about their equity, including bank statements, detailed surrender procedures, and management contact details. Key provisions mandate that shareholders receive a final equity statement within 30 days of surrendering their unit, a reserve fund for repair costs (with written statements), and a 90-day timeline for receiving their total equity distribution after surrender. It also sets specific timelines for carrying charges (1-3 months) based on notice periods and prohibits deducting restoration costs from equity until reserve funds are exhausted. The bill directly affects shareholders in cooperative housing units across New York State.