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Senate Bill S5710

2019-2020 Legislative Session

Requires certain signatures on real estate documents

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Archive: Last Bill Status - In Senate Committee Rules Committee

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2019-S5710 (ACTIVE) - Details

See Assembly Version of this Bill:
A4192
Current Committee:
Senate Rules
Law Section:
Real Property Law
Laws Affected:
Amd §442-k, RP L
Versions Introduced in Other Legislative Sessions:
2011-2012: A9349
2013-2014: A4216
2015-2016: A4126
2017-2018: A2715
2021-2022: S1448

2019-S5710 (ACTIVE) - Summary

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

2019-S5710 (ACTIVE) - Sponsor Memo

2019-S5710 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5710
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               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 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  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 SIGNA-
 TURE.
   § 2. This act shall take effect immediately.

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