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Senate Bill S6911

2011-2012 Legislative Session

Requires certain signatures on real estate documents

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Archive: Last Bill Status - In Senate Committee Judiciary Committee

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2011-S6911 (ACTIVE) - Details

See Assembly Version of this Bill:
A9349
Current Committee:
Senate Judiciary
Law Section:
Real Property Law
Laws Affected:
Amd ยง442-k, RP L
Versions Introduced in Other Legislative Sessions:
2013-2014: A4216
2015-2016: A4126
2017-2018: A2715
2019-2020: A4192

2011-S6911 (ACTIVE) - Summary

Requires every real estate salesperson and real estate broker involved in or present during a real estate transaction to include his or her license number and signature on every document requiring a signature.

2011-S6911 (ACTIVE) - Sponsor Memo

2011-S6911 (ACTIVE) - Bill Text download pdf 

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

                                  6911

                            I N  S E N A T E

                             April 11, 2012
                               ___________

Introduced  by  Sen.  SAVINO -- 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 requiring every real estate
  salesperson and real estate broker involved in  or  present  during  a
  real  estate  transaction  to  include  his  or her license number and
  signature on every document requiring a signature

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, 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 forty-
two-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  REAL  ESTATE  SALESPERSON  AND/OR  REAL  ESTATE  BROKER
INVOLVED  IN OR PRESENT DURING A REAL ESTATE TRANSACTION TO EACH LEGIBLY
SIGN AND INCLUDE HIS OR HER LICENSE NUMBER ON EVERY DOCUMENT REQUIRING A
SIGNATURE OF SUCH SALESPERSON OR BROKER IN SUCH TRANSACTION.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14672-03-2

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