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