The NYS Department of Law, Real Estate Finance Bureau has revised their rules and regulations to require sponsors of cooperative interest in realty to submit their Offering Plans, Amendments, Exhibits and backup documents in digital format. Below is a basic description of the new submission requirements.

Counsel Press is prepared to assist your office with the submission of your Offering Plans, Amendments, Exhibits and backup documents in accordance with the new regulations. Please contact me to discuss the details and answer your questions about how these rules impact your new and existing projects.

Changes to Offering Plan Submission Requirements Sponsors of new real estate offerings must now submit to the Department of Law one paper copy and one digital copy of their Offering Plans. In addition, the revised regulations alter the procedure by which sponsors submit the Exhibits to their Offering Plans. The revisions require “[o]ne paper copy of all original exhibits to the offering plan and one digital copy of all exhibits to the offering plan.”

Changes to Amendment Submission Requirements The revised regulations also require sponsors and holders of unsold shares, when submitting an Amendment to the Department of Law, to provide one paper copy and one digital copy of the Amendment. With the Amendment submission, sponsors must also include “[o]ne digital copy of the offering plan including all previously-filed amendments, if not already submitted to the Department of Law.”

Effective Date The revised regulations are effective as of February 1, 2016. Any and all Plans and Amendments submitted to the Department of Law on or after February 1, 2016 must comply with the requirements of the revised regulations and this guidance memorandum. Additionally, Plans and Amendments that have been accepted for submission, but have not yet been accepted for filing, as of February 1, 2016, must submit the revisions (if any) and final versions of their Plans and Amendments, pursuant to the revised regulations and this guidance memorandum.

Tagged: Real Estate, Condo & COOP