Section 26-518. Hotel industry stabilization association

a.  The hotel
  industry stabilization association registered  with  the  department  of
  housing  preservation  and  development  is  hereby  divested of all its
  powers and authority under this law. The stabilization  code  heretofore
  promulgated  by  such  association,  as  approved  by  the department of
  housing preservation and development, is hereby continued to the  extent
  that it is not inconsistent with law. Such code may be amended from time
  to  time provided, however, that no such amendments shall be promulgated
  except by action of the commissioner of  the  division  of  housing  and
  community  renewal  and  provided further, that prior to the adoption of
  any such amendments, the commissioner  shall  (i)  submit  the  proposed
  amendments to the commissioner of the department of housing preservation
  and development and allow such commissioner thirty days to make comments
  or  recommendations on the proposed amendments, (ii) review the comments
  or recommendations,  if  any,  made  pursuant  to  clause  (i)  of  this
  subdivision  and make any revisions to the proposed amendments which the
  commissioner of the division of  housing  and  community  renewal  deems
  appropriate  provided  that  any  such  review  and  revision  shall  be
  completed  within  thirty  days  of  receipt   of   such   comments   or
  recommendations  and  (iii)  thereafter  hold  a  public  hearing on the
  proposed amendments. No provision of such code shall impair or  diminish
  any  right  or  remedy  granted  to  any  party by this law or any other
  provision of law.
    b. A code shall not be approved hereunder unless  it  appears  to  the
  commissioner  of  the  division of housing and community renewal that it
  provides for a cash refund or a credit  to  be  applied  against  future
  rent,  in  the  amount of the excess, if any, of rent paid since January
  first, nineteen hundred sixty-nine, over the permissible fair  increase,
  and  that it gives a hotel tenant the right to request a six month lease
  at the permissible rent rate within thirty days of the approval of  such
  code,  or, if his or her tenancy commences after such thirty day period,
  within thirty days of the commencement of his or her tenancy,  and  that
  is  in  compliance  with  the  standards  set  forth in subdivision c of
  section 26-511 to the extent such standards are applicable to the  hotel
  industry,  and  that it provides specifically that no owner shall refuse
  to extend or renew a tenancy for  the  purpose  of  preventing  a  hotel
  tenant from becoming a permanent tenant.
    c.  Each  landlord who is made subject to this law pursuant to section
  26-505 or 26-506 of this code shall furnish  to  each  permanent  tenant
  signing a new or renewal lease, a rider describing the rights and duties
  of  owners  and  tenants as provided under the rent stabilization law of
  nineteen hundred sixty-nine. Such rider shall be in a  form  promulgated
  by  the commissioner and shall conform to the intent of section 5-702 of
  the general obligations law and shall be in a print size larger than the
  print size of the lease to which the rider is attached.
    * NB Expires April 1, 2012