N.Y. Comp. Codes R. & Regs. tit. 9 § 2503.7

Current through Register Vol. 46, No. 25, June 18, 2024

Section 2503.7 - Records and recordkeeping

(a) Except where a specific provision of this code requires the maintenance of rent records for a longer period, including records of the useful life of improvements made to any housing accommodation or any building, any owner who has duly registered a housing accommodation pursuant to these regulations shall not be required to maintain or produce any records relating to rentals of such accommodation more than six years prior to the most recent registration or annual statement for such accommodation. However, any owner's election not to maintain records shall not limit the authority of the Division of Housing and Community Renewal and the courts to conduct a full examination of all available records in order to determine legal regulated rents pursuant to this subdivision.

(b)

(1) In the absence of collusion or any relationship between a prior owner and an owner who purchases upon a judicial sale, or such other sale effected in connection with, or to resolve, in whole or in part, a bankruptcy proceeding, mortgage foreclosure action or other judicial proceeding, such purchaser shall not be required to provide records for the period prior to such sale, except where records sufficient to establish the legal regulated rent are available to such purchaser. This subdivision shall apply to an owner who purchases subsequent to such judicial or other sale.

(2) Court-appointed receivers. A receiver who is appointed by a court of competent jurisdiction to receive rent for the use or occupation of a housing accommodation shall not, in the absence of collusion or any relationship between such receiver and any owner or other receiver, be required to provide records for the period prior to such appointment, except where records sufficient to establish the legal regulated rent are available to such receiver. This subdivision shall not be construed to waive the purchaser's or receiver's obligation to register pursuant to Part 2509 of this Title.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 2503.7

Amended New York State Register November 8, 2023/Volume XLV, Issue 45, eff. 11/8/2023