Bill Text: NY A04126 | 2015-2016 | General Assembly | Amended
Bill Title: Requires every real estate salesperson and real estate broker involved in or present during a real estate transaction to include his or her license number and signature on every document requiring a signature.
Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: (Introduced - Dead) 2016-03-22 - print number 4126a [A04126 Detail]
Download: New_York-2015-A04126-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 4126--A 2015-2016 Regular Sessions IN ASSEMBLY January 29, 2015 ___________ Introduced by M. of A. DenDEKKER, COOK, MONTESANO, AUBRY -- Multi-Spon- sored by -- M. of A. TITONE -- read once and referred to the Commit- tee on Judiciary -- recommitted to the Committee on Judiciary in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the real property law, in relation to requiring the secretary of state to promulgate rules or regulations requiring real estate salespersons and brokers to legibly write their name and license number on certain documents 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. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07984-02-6
