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Assembly Bill A6186

Signed By Governor

2021-2022 Legislative Session

Relates to requiring the secretary of state to promulgate regulations requiring real estate brokers to institute standardized operating procedures for the prerequisites prospective homebuyers shall meet

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Archive: Last Bill Status Via S2131 - Signed by Governor

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2021-A6186 (ACTIVE) - Details

See Senate Version of this Bill:
S2131
Law Section:
Real Property Law
Laws Affected:
Amd §§442-h & 441-c, RP L

2021-A6186 (ACTIVE) - Summary

Relates to requiring the secretary of state to promulgate regulations requiring real estate brokers to institute standardized operating procedures for the prerequisites prospective homebuyers shall meet prior to receiving any services; allows for a penalty to be imposed on any broker or salesperson who fails to comply with such standardized operating procedures.

2021-A6186 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6186
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 10, 2021
                                ___________
 
 Introduced by M. of A. GRIFFIN, THIELE, AUBRY, GALEF, JACKSON, SILLITTI,
   HUNTER,  ENGLEBRIGHT  --  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 regulations requiring real estate
   brokers to institute standardized operating procedures for the prereq-
   uisites prospective homebuyers  shall  meet  prior  to  receiving  any
   services
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 442-h of the real property law is amended by adding
 a new subdivision 4 to read as follows:
   4. (A) THE SECRETARY OF STATE, UPON NOTICE AND A PUBLIC HEARING, SHALL
 PROMULGATE RULES AND REGULATIONS REQUIRING REAL ESTATE BROKERS TO INSTI-
 TUTE STANDARDIZED OPERATING PROCEDURES FOR THE PREREQUISITES PROSPECTIVE
 HOMEBUYERS MUST MEET PRIOR TO RECEIVING ANY  SERVICES.  SUCH  RULES  AND
 REGULATIONS SHALL INCLUDE BUT NOT BE LIMITED TO THE FOLLOWING:
   (I) WHETHER PROSPECTIVE CLIENTS SHALL SHOW IDENTIFICATION;
   (II) WHETHER AN EXCLUSIVE BROKER AGREEMENT IS REQUIRED; AND
   (III) WHETHER PRE-APPROVAL FOR A MORTGAGE LOAN IS REQUIRED.
   (B)  REAL  ESTATE  BROKERS  SHALL  SUBMIT  SUCH STANDARDIZED OPERATING
 PROCEDURES TO THE DEPARTMENT OF STATE AND THE DEPARTMENT OF STATE  SHALL
 MAINTAIN  A  FILE  OF  SUCH  STANDARDIZED OPERATING PROCEDURES WHILE THE
 BROKER'S LICENSE IS ACTIVE AND FOR AT LEAST FIVE  YEARS  THEREAFTER.  IF
 ANY ALTERATIONS ARE MADE TO THE STANDARDIZED OPERATING PROCEDURES SUBSE-
 QUENT  TO  SUCH  SUBMISSION, REAL ESTATE BROKERS SHALL NOTIFY AND SUBMIT
 SUCH NEW STANDARD OPERATING PROCEDURES WITHIN THIRTY DAYS.   ANY  SALES-
 PERSON  OPERATING UNDER A BROKERAGE LICENSE THAT FAILS TO ADHERE TO SUCH
 OPERATING PROCEDURES SHALL  BE  SUBJECT  TO  THE  PENALTIES  IMPOSED  BY
 SECTION FOUR HUNDRED FORTY-ONE-C OF THIS ARTICLE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06380-03-1

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