Sec. 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.