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Who cares
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Sponsors
1 Co-sponsor
History
- Referred to judiciary
- Print number 5508b
- Amend and recommit to judiciary
- Print number 5508a
- Amend and recommit to judiciary
- Referred to judiciary
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Requires real estate teams to be registered with the department of state
In Assembly Committee · Judiciary · Sponsor Michael Cusick
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5508B
Title of bill
An act to amend the real property law, in relation to defining real estate team and requiring the registration of real estate teams
Purpose or general idea of bill
To require registration of real estate "Team Names" by the supervising broker with the Department of State.
Summary of specific provisions
Section 1. Amends Section 440 of the real property law to define "Team."
Section 2. Amends Article 12-A of the real property law by adding a new section 440-C which will require duly licensed real estate brokers, associate brokers or salespersons desiring to act as a real estate "team" to have the real estate broker with whom they are associated, file with the NYS Department of State, an application for the registration of the team name. The section will also clarify that no additional powers are given to team members per the registration and supervision of the team remains the responsibility of the broker.
Section 3. Effective date.
Justification
"Teams" have become a popular form of practice among real estate professionals in recent years. Teams offer a new form of customer service and are a consumer-friendly, positive development in the real estate profession. There currently exist-no regulations or requirements for the reporting of teams to the State. The purpose of this legislation is to provide accountability and transparency to consumers regarding who the responsible, supervising broker of record is for each "team" by requiring brokers to register team names associated with their brokerage with the Department of State.
Prior legislative history
New bill.
Fiscal implications
None.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become a law. Effective immediately, the Secretary of State shall promulgate necessary and advisable rules and regulations for the implementation of this act.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.