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Assembly Bill A4222

2015-2016 Legislative Session

Requires real estate brokers to sign certain documents regarding leases and rentals of real estate or interests in real estate

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Archive: Last Bill Status - In Assembly Committee

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2015-A4222 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Real Property Law
Laws Affected:
Amd ยง442-k, RP L
Versions Introduced in Other Legislative Sessions:
2011-2012: A9350
2013-2014: A4217
2017-2018: A3323

2015-A4222 (ACTIVE) - Summary

Requires 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.

2015-A4222 (ACTIVE) - Bill Text download pdf 

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

                                  4222

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 29, 2015
                               ___________

Introduced  by  M.  of A. DenDEKKER, COOK, MONTESANO, ROBERTS, WEPRIN --
  Multi-Sponsored by -- M. of A.  BRENNAN,  BROOK-KRASNY,  McDONOUGH  --
  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  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 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.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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