senate Bill S5203A

Signed By Governor
2011-2012 Legislative Session

Prohibits private transfer fee obligations; requires disclosure of existing private transfer fee obligations

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A7358 -


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Sep 23, 2011 approval memo.8
signed chap.522
Sep 12, 2011 delivered to governor
Jun 20, 2011 returned to assembly
passed senate
3rd reading cal.1079
substituted for s5203a
Jun 20, 2011 substituted by a7358a
Jun 15, 2011 amended on third reading 5203a
Jun 14, 2011 advanced to third reading
Jun 13, 2011 2nd report cal.
Jun 07, 2011 1st report cal.1079
May 03, 2011 referred to judiciary

Co-Sponsors

S5203 - Details

See Assembly Version of this Bill:
A7358A
Law Section:
Real Property Law
Laws Affected:
Add Art 15 §§470 - 476, RP L

S5203 - Summary

Prohibits private transfer fee obligations; requires disclosure of existing private transfer fee obligations on real property.

S5203 - Sponsor Memo

S5203 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5203

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               May 3, 2011
                               ___________

Introduced  by  Sen.  LIBOUS -- 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  prohibiting
  private transfer fee obligations

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The real property law is amended by adding a new article 15
to read as follows:
                                ARTICLE 15
                      PROHIBITION AND DISCLOSURE OF
                    PRIVATE TRANSFER FEE OBLIGATIONS
SECTION 470. SHORT TITLE.
        471. INTENT.
        472. DEFINITIONS.
        473. PROHIBITION.
        474. LIABILITY FOR VIOLATION.
        475. DISCLOSURE.
        476. NOTICE REQUIREMENTS FOR EXISTING TRANSFER FEE OBLIGATIONS.
  SECTION 470. SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY BE CITED
AS THE "PRIVATE TRANSFER FEE OBLIGATION ACT."
  S 471. INTENT. THE LEGISLATURE FINDS  AND  DECLARES  THAT  THE  PUBLIC
POLICY  OF  THIS STATE FAVORS THE MARKETABILITY OF REAL PROPERTY AND THE
TRANSFERABILITY OF INTERESTS IN REAL PROPERTY FREE OF TITLE  DEFECTS  OR
UNREASONABLE RESTRAINTS ON ALIENATION. THE LEGISLATURE FURTHER FINDS AND
DECLARES THAT PRIVATE TRANSFER FEE OBLIGATIONS VIOLATE THIS PUBLIC POLI-
CY  BY  IMPAIRING THE MARKETABILITY AND TRANSFERABILITY OF REAL PROPERTY
AND BY CONSTITUTING AN UNREASONABLE RESTRAINT ON  ALIENATION  REGARDLESS
OF  THE  DURATION  OF  THE OBLIGATION TO PAY A PRIVATE TRANSFER FEE, THE
AMOUNT OF A PRIVATE TRANSFER FEE, OR THE METHOD  BY  WHICH  ANY  PRIVATE
TRANSFER  FEE  IS  CREATED  OR  IMPOSED. THUS, THE LEGISLATURE FINDS AND
DECLARES THAT A PRIVATE TRANSFER FEE OBLIGATION SHALL NOT RUN  WITH  THE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10855-01-1

Co-Sponsors

S5203A (ACTIVE) - Details

See Assembly Version of this Bill:
A7358A
Law Section:
Real Property Law
Laws Affected:
Add Art 15 §§470 - 476, RP L

S5203A (ACTIVE) - Summary

Prohibits private transfer fee obligations; requires disclosure of existing private transfer fee obligations on real property.

S5203A (ACTIVE) - Sponsor Memo

S5203A (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 5203--A
    Cal. No. 1079

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               May 3, 2011
                               ___________

Introduced  by  Sens.  LIBOUS, ADDABBO, DeFRANCISCO, MARTINS, RITCHIE --
  read twice and ordered printed, and when printed to  be  committed  to
  the  Committee on Judiciary -- reported favorably from said committee,
  ordered to first and  second  report,  ordered  to  a  third  reading,
  amended  and  ordered  reprinted,  retaining its place in the order of
  third reading

AN ACT to amend the  real  property  law,  in  relation  to  prohibiting
  private transfer fee obligations

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The real property law is amended by adding a new article 15
to read as follows:
                                ARTICLE 15
                      PROHIBITION AND DISCLOSURE OF
                    PRIVATE TRANSFER FEE OBLIGATIONS
SECTION 470. SHORT TITLE.
        471. INTENT.
        472. DEFINITIONS.
        473. PROHIBITION.
        474. LIABILITY FOR VIOLATION.
        475. DISCLOSURE.
        476. NOTICE REQUIREMENTS FOR EXISTING TRANSFER FEE OBLIGATIONS.
  S 470. SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY  BE  CITED  AS
THE "PRIVATE TRANSFER FEE OBLIGATION ACT."
  S  471.  INTENT.  THE  LEGISLATURE  FINDS AND DECLARES THAT THE PUBLIC
POLICY OF THIS STATE FAVORS THE MARKETABILITY OF REAL PROPERTY  AND  THE
TRANSFERABILITY  OF  INTERESTS IN REAL PROPERTY FREE OF TITLE DEFECTS OR
UNREASONABLE RESTRAINTS ON ALIENATION. THE LEGISLATURE FURTHER FINDS AND
DECLARES THAT PRIVATE TRANSFER FEE OBLIGATIONS VIOLATE THIS PUBLIC POLI-
CY BY IMPAIRING THE MARKETABILITY AND TRANSFERABILITY OF  REAL  PROPERTY
AND  BY  CONSTITUTING AN UNREASONABLE RESTRAINT ON ALIENATION REGARDLESS

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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