Bill Text: NY A07636 | 2009-2010 | General Assembly | Introduced

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Bill Title: Requires sellers of residential real property to provide the buyers with the homeowners insurance claims history of the property; requires real estate purchase contract forms provided by real estate brokers to include notice of a buyer's right to the homeowners insurance claims history; requires insurers to provide such homeowners insurance claims histories to the owner of the property within 10 days of receiving a request; imposes a $25 a day fine for any violation of such provisions by an insurer.

Spectrum: Strong Partisan Bill (Democrat 28-3)

Status: (Introduced - Dead) 2010-01-06 - referred to judiciary [A07636 Detail]

Download: New_York-2009-A07636-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7636
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                    April 17, 2009
                                      ___________
       Introduced by M. of A. P. RIVERA, ESPAILLAT, CARROZZA, BENJAMIN, WRIGHT,
         GREENE  --  Multi-Sponsored  by  --  M.  of  A. ALFANO, ARROYO, BARRA,
         BOYLAND, BRENNAN, CLARK,  DIAZ,  HEASTIE,  HOOPER,  JACOBS,  V. LOPEZ,
         MARKEY,  McDONOUGH,  McENENY,  ORTIZ, PERALTA, PERRY, PHEFFER, POWELL,
         RAMOS, J. RIVERA, N. RIVERA, ROBINSON, TOWNS, WEISENBERG -- read  once
         and referred to the Committee on Judiciary
       AN  ACT to amend the real property law, in relation to requiring sellers
         of residential real  property  to  provide  the  homeowners  insurance
         claims  history  to  the  buyers of such property and requiring notice
         thereof to be provided in each real estate purchase contract  provided
         by  a  real estate broker; and to amend the insurance law, in relation
         to requiring insurers  to  provide  the  homeowners  insurance  claims
         history of residential real property to the owner thereof
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 4 of section 443-a of the real property law  is
    2  renumbered  subdivision  5  and  a new subdivision 4 is added to read as
    3  follows:
    4    4. (A) FOR THE PURPOSES OF THIS SUBDIVISION:
    5    (I) "REAL ESTATE PURCHASE CONTRACT" SHALL HAVE  THE  SAME  MEANING  AS
    6  ASCRIBED  TO  SUCH  TERM  BY  SUBDIVISION  FOUR  OF SECTION FOUR HUNDRED
    7  SIXTY-ONE OF THIS CHAPTER.
    8    (II) "RESIDENTIAL REAL  PROPERTY"  SHALL  HAVE  THE  SAME  MEANING  AS
    9  ASCRIBED  TO  SUCH  TERM  BY  SUBDIVISION  FIVE  OF SECTION FOUR HUNDRED
   10  SIXTY-ONE OF THIS CHAPTER.
   11    (B) A SELLER OF RESIDENTIAL REAL PROPERTY WHO HAS ENTERED INTO A  REAL
   12  ESTATE  PURCHASE  CONTRACT  WITH A BUYER SHALL, UPON THE REQUEST OF SUCH
   13  BUYER, PROVIDE THE BUYER THE HOMEOWNERS  INSURANCE  CLAIMS  HISTORY  FOR
   14  SUCH PROPERTY.
   15    (C)  EVERY  REAL  ESTATE  PURCHASE  CONTRACT  FORM, PROVIDED BY A REAL
   16  ESTATE BROKER OR ANY REAL ESTATE SALESMAN ASSOCIATED WITH  SUCH  BROKER,
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10781-01-9
       A. 7636                             2
    1  SHALL  INCLUDE THE FOLLOWING STATEMENT PRINTED IN BOLD TYPE AND NOT LESS
    2  THAN FOURTEEN POINT PRINT:
    3    "YOU  HAVE  THE  RIGHT  TO OBTAIN THIS HOME'S INSURANCE CLAIMS HISTORY
    4  FROM THE SELLER OF THE PROPERTY. THE HOMEOWNERS INSURANCE CLAIMS HISTORY
    5  OF THIS PROPERTY WILL IMPACT THE COST OF THE PREMIUM YOU  WILL  PAY  FOR
    6  HOMEOWNERS INSURANCE."
    7    S 2. The insurance law is amended by adding a new section 3416 to read
    8  as follows:
    9    S 3416. HOMEOWNERS INSURANCE CLAIMS HISTORY. (A) EVERY INSURER PROVID-
   10  ING  HOMEOWNERS  INSURANCE  IN  THIS STATE SHALL, WITHIN TEN DAYS OF THE
   11  RECEIPT OF A  REQUEST  FOR  THE  HOMEOWNERS  INSURANCE  CLAIMS  HISTORY,
   12  PROVIDE  SUCH HISTORY TO THE OWNER OF THE INSURED PROPERTY. SUCH HISTORY
   13  SHALL INCLUDE THE HOMEOWNERS INSURANCE CLAIMS MADE AND PAID ON THE  REAL
   14  PROPERTY,  AND  SHALL INCLUDE THE INFORMATION INCLUDED IN THE COMPREHEN-
   15  SIVE LOSS UNDERWRITING EXCHANGE.
   16    (B) THE SUPERINTENDENT SHALL IMPOSE A FINE OF TWENTY-FIVE DOLLARS UPON
   17  AN INSURER FOR EACH DAY SUCH INSURER FAILS TO COMPLY WITH THE PROVISIONS
   18  OF SUBSECTION (A) OF THIS SECTION AND FOR EACH DAY SUCH INSURER FAILS TO
   19  PROVIDE ALL HOMEOWNERS INSURANCE  CLAIMS  HISTORY  INFORMATION  THAT  IS
   20  AVAILABLE TO SUCH INSURER.
   21    S  3.  This  act shall take effect on the ninetieth day after it shall
   22  have become a law.