Bill Text: NY A03323 | 2017-2018 | General Assembly | Introduced

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Bill Title: Requires the secretary of state to promulgate rules requiring real estate brokers to sign certain documents regarding leases and rentals of real estate or interests in real estate.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-01-03 - referred to judiciary [A03323 Detail]

Download: New_York-2017-A03323-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3323
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    January 27, 2017
                                       ___________
        Introduced  by  M.  of  A.  DenDEKKER  --  read once and referred to the
          Committee on Judiciary
        AN ACT to amend the real property law,  in  relation  to  requiring  the
          secretary  of  state to promulgate rules requiring real estate brokers
          to sign certain documents regarding leases and rentals of real  estate
          or interests in real estate
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 1 of section 442-k of the real property law, as
     2  added by chapter 248 of the laws of 1995, is amended to read as follows:
     3    1. (a) The state real estate board shall have the power to  promulgate
     4  rules  or  regulations  affecting  brokers and sales persons in order to
     5  administer and effectuate the purposes  of  this  article,  except  that
     6  matters  pertaining  to  commingling  money  of  a  principal, rendering
     7  accounts for a client, managing property for a client, broker's purchase
     8  of property listed with him or her, inducing breach of contract of  sale
     9  or  lease, and records of transactions to be maintained are reserved for
    10  the exclusive regulatory authority of the secretary of state.
    11    (b) The secretary of state, and not the state real estate board, shall
    12  promulgate  rules  and  regulations  to  administer  or  implement   the
    13  provisions  of  sections  four hundred forty-one and four hundred forty-
    14  two-h of this article.
    15    [In addition, the] (c) The secretary of  state  shall  have  exclusive
    16  regulatory  authority  to  promulgate  rules  regarding  the  duties and
    17  responsibilities of real estate brokers and salespersons with regard  to
    18  the handling of clients' funds.
    19    (d)  The  secretary  of  state  shall  promulgate rules or regulations
    20  requiring every document regarding the lease or rental of a real  estate
    21  or  an  interest  in real estate, which requires the signature of a real
    22  estate salesperson, to include the signature of the real  estate  broker
    23  associated with such salesperson.
    24    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08480-01-7