Assembly Bill A9175

Signed By Governor
2021-2022 Legislative Session

Requires real estate brokers to institute standardized operating procedures for the prerequisites prospective homebuyers shall meet prior to receiving any services

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S7729 - Signed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-A9175 (ACTIVE) - Details

See Senate Version of this Bill:
S7729
Law Section:
Real Property Law
Laws Affected:
Amd §442-h, RP L; amd §3, Chap of 2021 (as proposed in S.2131-A & A.6186)

2021-A9175 (ACTIVE) - Summary

Requires real estate brokers to institute standardized operating procedures for the prerequisites prospective homebuyers shall meet prior to receiving any services.

2021-A9175 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9175
 
                           I N  A S S E M B L Y
 
                             February 8, 2022
                                ___________
 
 Introduced  by M. of A. GRIFFIN -- read once and referred to the Commit-
   tee on Judiciary
 
 AN ACT to amend the real property law, in  relation  to  requiring  real
   estate  brokers to institute standardized operating procedures for the
   prerequisites prospective homebuyers shall meet prior to receiving any
   services; and to amend a chapter of the laws of 2021 amending the real
   property law relating to requiring the secretary of state  to  promul-
   gate  regulations requiring real estate brokers to institute standard-
   ized operating procedures for the prerequisites prospective homebuyers
   shall meet prior to receiving any services, as proposed in legislative
   bills numbers S. 2131-A and A. 6186, in relation to the  effectiveness
   thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 4 of section 442-h of the real property law, as
 added by a chapter of the laws of 2021 amending the  real  property  law
 relating  to  requiring the secretary of state to promulgate regulations
 requiring real estate brokers to institute standardized operating proce-
 dures for the prerequisites prospective homebuyers shall meet  prior  to
 receiving  any  services,  as  proposed  in legislative bills numbers S.
 2131-A and A. 6186, is amended to read as follows:
   4. (a) [The secretary of state, upon notice  and  a  public  hearing,]
 EACH  REAL ESTATE BROKER shall [promulgate rules and regulations requir-
 ing real estate brokers to] institute standardized operating  procedures
 for  the prerequisites prospective homebuyers must meet prior to receiv-
 ing any services. Such [rules and  regulations]  STANDARDIZED  OPERATING
 PROCEDURES 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; AND
   (IV) ANY OTHER SUCH STANDARDIZED OPERATING PROCEDURES AS THE SECRETARY
 OF  STATE SHALL DETERMINE BY REGULATION AND UPON NOTICE AND PUBLIC HEAR-
 ING.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06380-04-2

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