Partner Jim Glatthaar Quoted in Habitat Magazine on a New Law for Co-op and Homeowner’s Association Boards
Bleakley Platt Partner Jim Glatthaar was a key source for a January article in Habitat Magazine that examines a new state law which requires all co-op and homeowners associations (HOAs) boards to prepare an annual report of all contracts they awarded in which one of the members of the board of directors has a financial interest.
According to Mr. Glatthaar, the new law has created a lot of headaches for boards, particularly for those that are already well-run and won’t necessarily benefit from the law. A large amount of detailed information is required which will add a significant clerical burden to boards. Note that the statute amends New York’s Business Corporation Law and Not-for-Profit Corporation Law, but does not amend the Real Property Law so the new requirement does not impact most condominiums.
Well-run boards already include much of the information in their minutes, says Mr. Glatthaar, who has created a checklist of tasks to make sure that boards are in compliance and has been speaking before property management companies to educate managers and board members on what is required.
Mr. Glatthaar is a member of the Litigation, Co-Operative and Condominium, Construction and Real Estate Practice Groups at Bleakley Platt. He has represented landlords, tenants, developers, non-profit institutions, sellers, purchasers, realtors, cooperatives and condominiums in building, zoning, housing and disability-based discrimination claims, landlord-tenant and construction defect claims both in courts and before state and federal administrative agencies. He has also represented property owners and purchasers in complex real estate and financing transactions.
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