On May 5, 2016, the Real Estate Finance Bureau of the New York State Department of Law (the Office of the Attorney General) (the NYAG), issued Cooperative Policy Statement #12 (CPS-12), which provides guidelines for out-of-state offerors of cooperative interests in realty (including condominium units and cooperative apartments) in New York state.
CPS-12 provides an exemption from the regulatory requirements governing offerings of cooperative interests in realty and is a seemingly significant departure from the NYAG’s long-standing policy relating to real estate offerings, in general, and out-of-state offerings, in particular.
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