] is old law to be omitted. LBD07931-01-3A. 6647 2 1 purchaser or their agent will be notified whether consent to the sale is 2 granted or denied. 3 (e) Written notice that consent to the sale has been granted or denied 4 shall be provided to the prospective purchaser no more than ninety days 5 after the submission of a completed application. In the event a sale is 6 denied, such notice shall state the reason for the denial. If no written 7 notice is provided within ninety days, consent to the sale shall be 8 granted. 9 (f) Nothing in this section shall be construed to limit the rights or 10 remedies provided by any other provision of law. 11 § 2. The business corporation law is amended by adding a new section 12 728 to read as follows: 13 § 728. Residential cooperative corporations; ownership interests. 14 (a) Any residential cooperative corporation incorporated pursuant to 15 this chapter, shall establish uniform processes for applying to and 16 considering applications for the purchase of certificates of stock, a 17 proprietary lease or other evidence of an ownership interest in such 18 residential cooperative corporation. 19 (b) Written notice of such processes shall be made available to any 20 prospective purchasers and prospective sellers, or their respective real 21 estate agents, promptly upon request. 22 (c) At a minimum, such processes shall require the cooperative corpo- 23 ration upon receiving an application from a prospective purchaser, to 24 acknowledge receipt of such application and to include in such acknowl- 25 edgement of receipt whether the application submitted fully satisfies 26 the requirements therefor, the way or ways the submitted application is 27 incomplete, and any additional materials necessary to effectuate consid- 28 eration of the application. 29 (d) The processes established pursuant to this section shall further 30 require that, following the submission of a completed application and 31 all additional materials requested in the acknowledgement of receipt, 32 the board of directors shall notify the prospective purchaser or their 33 agent that the application is complete. Such notice shall state by what 34 date review of the application will be complete and when the prospective 35 purchaser or their agent will be notified whether consent to the sale is 36 granted or denied. 37 (e) Written notice that consent to the sale has been granted or denied 38 shall be provided to the prospective purchaser no more than ninety days 39 after the submission of a completed application. In the event a sale is 40 denied, such notice shall state the reason for the denial. If no written 41 notice is provided within ninety days, consent to the sale shall be 42 granted. 43 (f) Nothing in this section shall be construed to limit the rights or 44 remedies provided by any other provision of law. 45 § 3. This act shall take effect on the one hundred twentieth day after 46 it shall have become a law.