The legal landscape is set to experience significant shifts as new regulations clarify the interpretation of “good faith” efforts required to comply with Local Law 97 (LL 97). The commencement date for these rules is just around the corner, with the compliance period starting in January 2024.
LL 97 has far-reaching implications for Condominiums and Cooperatives, which, if they fail to conform to the new provisions, could face considerable penalties. The looming deadline is prompting legal professionals and corporate entities alike to revisit LL 97 and address any grey areas in its application.
Previous guidance on the timelines and compliance procedures for LL 97 provides an insight into the potentials and pitfalls of these new regulations. However, the imminent introduction of these new rules, which are poised to clarify what it means to make “good faith” efforts to comply with LL 97, suggest that further, more detailed understanding is soon to be available.
For legal professionals working in corporate environments, the evolving legal climate underscores the necessity of staying updated on developments and their implications. As we approach the January 2024 commencement date, understanding “good faith” in the context of LL 97 will become increasingly important.
With this necessity in mind, it is prudent to keep an eye on all forthcoming guidance and interpretative documents relating to LL 97. These will prove indispensable in navigating the more ambiguous portions of the law, ensuring full compliance and avoiding any potential penalties.
Given such changes, familiarising oneself with the timelines and requirements of LL 97 remains a legal imperative. Legal departments in corporations, sure to be implicated by these rules, must keep abreast of these developments to ensure adequate and timely compliance.