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Assembly Bill A3323

2017-2018 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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2017-A3323 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Real Property Law
Laws Affected:
Amd §442-k, RP L
Versions Introduced in Other Legislative Sessions:
2011-2012: A9350
2013-2014: A4217
2015-2016: A4222

2017-A3323 (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.

2017-A3323 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3323
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             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 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.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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