On November 3, 2020, Gov. Andrew Cuomo issued Executive Order No. 202.72, which extends the expiration date of numerous previous Executive Orders to December 3, 2020. Importantly, Executive Order 202.55 was among those extended, meaning sponsors and developers may continue to benefit from the tolling of various offering plan-related and other regulatory requirements for the time being.
On a related note, the New York State Department of Law (“Attorney General”) amended their Memorandum Re: Temporary Submission and Review Policies and Procedures Due to COVID-19 State of Emergency (“AG Memo”) on September 18, 2020. While previously the AG Memo had tied the Attorney General’s COVID-19 “relief period” to the expiration of Executive Order No. 202, this has been amended such that the AG Memo’s temporary policies and procedures are now effective “until further notice” by the Attorney General. As of the date of this news blast, no such “further notice” has yet been given and therefore sponsors and developers may continue to operate under the AG Memo’s temporary policies and procedures (including without limitation digital submissions and alternative notarizations) for the time being.
Please feel free to contact us to discuss how Executive Order No. 202 and the temporary policies established by the Attorney General may affect your project.