What's happening
This bill requires real estate brokers to sign all documents regarding leases or rentals that are signed by real estate salespersons.
Why it matters
Increases broker accountability. By requiring brokers to co-sign documents that salespersons sign for leases or rentals, the bill ensures brokers play a more direct supervisory role, potentially reducing misconduct or mistakes by less experienced salespersons.
May slow down transactions. The new rule could add steps to the leasing or rental process, as brokers must review and sign off on paperwork, possibly leading to delays but also encouraging more careful review of documents.
Enhances consumer protection. Renters and lessors may benefit from this increased oversight, as broker signatures could ensure that lease and rental agreements are properly vetted for compliance and fairness.
Shifts regulatory burden. The law specifically puts the Secretary of State, not the real estate board, in charge of creating and enforcing these rules, centralizing regulatory responsibility and possibly leading to more uniform standards statewide.
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Who cares
Headline styles
Require Broker Signatures on Leases
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to judiciary
- Referred to judiciary
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
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 Assembly, do enact as follows:
Section 1. Subdivision 1 of section 442-k of the real property law, as added by chapter 248 of the laws of 1995, is amended to read as follows:
1. (a) The state real estate board shall have the power to promulgate rules or regulations affecting brokers and sales persons in order to administer and effectuate the purposes of this article, except that matters pertaining to commingling money of a principal, rendering accounts for a client, managing property for a client, broker's purchase of property listed with him or her, inducing breach of contract of sale or lease, and records of transactions to be maintained are reserved for the exclusive regulatory authority of the secretary of state.
(b) The secretary of state, and not the state real estate board, shall promulgate rules and regulations to administer or implement the provisions of sections four hundred forty-one and four hundred fortytwo-h of this article.
[In addition, the] (c) The secretary of state shall have exclusive regulatory authority to promulgate rules regarding the duties and responsibilities of real estate brokers and salespersons with regard to the handling of clients' funds.
(d) The secretary of state shall promulgate rules or regulations requiring every document regarding the lease or rental of a real estate or an interest in real estate, which requires the signature of a real estate salesperson, to include the signature of the real estate broker associated with such salesperson.
§ 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
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.