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Conflict of interest law

Started by streetsmart
about 7 years ago
Posts: 883
Member since: Apr 2009
Discussion about
Are most condo and coop boards adhering to the new conflict of interest law that went into effect at the beginning of the year? I just spoke to an attorney yesterday who says he never heard of it? Anyone know? Thanks
Response by ximon
about 7 years ago
Posts: 1196
Member since: Aug 2012

I am still waiting for my building to put out the required statement. Could it be that outside legal counsel for coops and condos are not letting their clients know about the required disclosure? Wow!

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Response by streetsmart
about 7 years ago
Posts: 883
Member since: Apr 2009

I believe magazines like the NY Cooperator wrote at least one article about the new law. I would think that people know about the new law without having to be informed by legal counsel.

Maybe boards are waiting for the law to be tested.

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Response by ximon
about 7 years ago
Posts: 1196
Member since: Aug 2012

Law seems pretty straightforward to me. Same as old law but now with a reporting requirement. Maybe timing of such disclosure is unclear?

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