What's happening
This bill requires real estate salespersons and brokers in New York to legibly write their name and license number on all signed transaction documents.
Why it matters
Increased accountability. By requiring real estate salespersons and brokers to clearly print their name and license number on all signed transaction documents, this bill makes it easier to identify exactly who handled each transaction, which can help resolve disputes or investigate complaints.
Enhanced consumer protection. The measure gives buyers, sellers, and regulators a direct way to verify the credentials of the individuals involved in their real estate transactions, reducing the risk of fraud or misrepresentation.
Stronger regulatory oversight. The bill mandates the Secretary of State to create and enforce these rules, centralizing regulatory authority and potentially leading to more consistent enforcement and oversight of real estate professionals.
Streamlined complaint process. With name and license information readily available on documents, consumers and authorities can more quickly file complaints or conduct audits, increasing the likelihood of timely and effective resolution of issues in the real estate market.
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Who cares
Headline styles
Require Names on Realty Documents
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Committed to rules
- Advanced to third reading
- 2nd report cal.
- 1st report cal.148
- Referred 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.
Write Names on Realty Forms
In Assembly Committee · Judiciary · Sponsor Michael DenDekker
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5710
2019-2020 Regular Sessions
IN SENATE
May 13, 2019
Introduced by Sen. HOYLMAN -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary
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 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 that in every real estate transaction, any document which requires the signature of a real estate salesperson and/or real estate broker shall also require such salesperson or broker to legibly write his or her name and license number on the document along with the signature.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07817-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
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
Purpose or general idea of bill
The purpose, of the bill is to require real estate salespersons, agents or brokers to include their license number in order to clearly identify who they are.
Summary of specific provisions
Amends section subdivision 1 of section 442-k of the real property law, to include that real estate salespersons must include their license number along with their signature on every document they are required to sign as their duty as a real estate salesperson.
Justification
A signature is required in order to facilitate a written agreement or contract, however at times a person's signature can be illegible. Therefore as a form of positive identification of the licensed real estate salesperson and broker, their license number should be included in the document as well as their signature. In the real estate business, as in any business, sometimes there are mistakes or need to reference certain documents pertaining to a sale, rental or lease agreement. This will make it easier, if an issue surfaces, as to the proper identity of the licensed real estate salesperson; agent or broker.
Legislative history
New bill
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.