NY State Senate Bill S7729

Archive: Last Bill Status - Signed by Governor

Introduced
In Committee
On Floor Calendar
- Passed Senate
- Passed Assembly
Delivered to Governor
Signed by Governor

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Actions

view actions (11)

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 18, 2022	signed chap.153 delivered to governor
Mar 15, 2022	returned to senate passed assembly ordered to third reading cal.483 substituted for a9175
Jan 20, 2022	referred to judiciary delivered to assembly passed senate
Jan 10, 2022	ordered to third reading cal.57
Jan 07, 2022	referred to rules

Votes

view votes

Jan 20, 2022 - floor Vote

S7729

floor

Aye

Nay

Absent

Excused

Abstained

Jan 18, 2022 - Rules committee Vote

S7729

committee

Aye

Nay

Aye with Reservations

Absent

Excused

Abstained

Jan 10, 2022 - Rules committee Vote

S7729

committee

Aye

Nay

Aye with Reservations

Absent

Excused

Abstained

S7729 (ACTIVE) - Details

See Assembly Version of this Bill:: A9175
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)

S7729 (ACTIVE) - Summary

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

S7729 (ACTIVE) - Sponsor Memo

 
BILL NUMBER: S7729

SPONSOR: SKOUFIS
 
TITLE OF BILL:

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 promulgate
regulations requiring real estate brokers to institute standardized
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

 
PURPOSE:

This is a chapter amendment to L.2021, c.696, to modify the role of the
secretary of state in regulating real estate broker standard operating
procedures for prospective homebuyers.

 
SUMMARY OF PROVISIONS:

This legislation amends several provisions of L.2021, c.696.

Section 1 amends the real property law to require each real estate
broker to: institute standard operating procedures to evaluate prospec-
tive homebuyers; make those procedures available to the public in a
prescribed format; and affirm compliance with those requirements to the
secretary of state as part of any license renewal application.  Addi-
tionally, section 1 authorizes the secretary of state to promulgate
supplemental regulations, upon notice and public hearing, on real estate
broker standard operating procedures.

Section 2 amends the effective date of the underlying chapter from imme-
diately upon enactment to 120 days after enactment.

 
EXISTING LAW:

None.

 
JUSTIFICATION:

This legislation is a negotiated change to the underlying chapter.

 
LEGISLATIVE HISTORY:

Chapter amendment to Chapter 696 of the Laws of 2021. S.2131-A passed
the Senate in February 2021, and A.6186 passed the Assembly in June
2021.

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect immediately, provided, however, that section
one of this act shall take effect on the same date and in the same
manner as 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, takes effect.

S7729 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7729
 
                             I N  S E N A T E
 
                              January 7, 2022
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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

 S. 7729                             2
 
   (b) Real estate brokers shall [submit] DATE STAMP, NOTARIZE  AND  POST
 such  standardized  operating procedures [to the department of state and
 the department of state] ON ANY PUBLICLY AVAILABLE  WEBSITE  AND  MOBILE
 DEVICE  APPLICATION  THEY MAINTAIN, SHALL MAKE A COPY OF SUCH PROCEDURES
 AVAILABLE  TO  THE  PUBLIC  UPON  REQUEST AT THEIR OFFICE LOCATIONS, AND
 shall maintain a file of such standardized  operating  procedures  while
 the broker's license is active [and for at least five years thereafter].
 ANY  WEBSITE OR MOBILE DEVICE APPLICATION MAINTAINED BY A TEAM OR A REAL
 ESTATE SALESPERSON SHOULD ALSO HAVE THE BROKERS' POLICIES POSTED OR HAVE
 A DIRECT LINK FROM SUCH WEBSITE OR  MOBILE  DEVICE  APPLICATION  TO  THE
 BROKERS'  WEBSITE  OR  MOBILE DEVICE APPLICATION. If any alterations are
 made  to  the  standardized  operating  procedures  subsequent  to  such
 [submission] POSTING, real estate brokers shall [notify and submit] DATE
 STAMP,  NOTARIZE  AND POST such new standard operating procedures ON ANY
 PUBLICLY AVAILABLE WEBSITE OR MOBILE DEVICE  APPLICATION  THEY  MAINTAIN
 within  thirty  days, AND ARCHIVE SUCH ALTERATIONS. Any BROKER OR 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.
   (C) ANY TIME A REAL ESTATE BROKER IS REQUIRED TO RENEW  THEIR  LICENSE
 THEY  MUST AFFIRM TO THE DEPARTMENT OF STATE THAT THEY ARE IN COMPLIANCE
 WITH THE REQUIREMENTS OF THIS SUBDIVISION RELATED TO STANDARDIZED  OPER-
 ATING PROCEDURES.
   §  2.  Section  3  of  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 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, is amended to read as follows:
   § 3. This act shall take effect [immediately] ON THE ONE HUNDRED TWEN-
 TIETH DAY AFTER IT SHALL HAVE BECOME A LAW.
   § 3. This act shall take effect immediately, provided,  however,  that
 section  one  of  this act shall take effect on the same date and in the
 same manner as a chapter of the laws of 2021 amending the real  property
 law  relating  to  requiring  the secretary of state to promulgate regu-
 lations requiring real estate brokers to institute standardized  operat-
 ing  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, takes effect.

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The New York State Senate

senate Bill S7729

Sponsored By

Archive: Last Bill Status - Signed by Governor

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Votes

Jan 20, 2022 - floor Vote

Floor Vote: Jan 20, 2022

Jan 18, 2022 - Rules committee Vote

Rules Committee Vote: Jan 18, 2022

Jan 10, 2022 - Rules committee Vote

Rules Committee Vote: Jan 10, 2022

S7729 (ACTIVE) - Details

S7729 (ACTIVE) - Summary

S7729 (ACTIVE) - Sponsor Memo

S7729 (ACTIVE) - Bill Text download pdf

Comments

senate Bill S7729

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Sponsored By

James Skoufis

Archive: Last Bill Status - Signed by Governor

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Votes

Jan 20, 2022 - floor Vote

Floor Vote: Jan 20, 2022

Jan 18, 2022 - Rules committee Vote

Rules Committee Vote: Jan 18, 2022

Jan 10, 2022 - Rules committee Vote

Rules Committee Vote: Jan 10, 2022

S7729 (ACTIVE) - Details

S7729 (ACTIVE) - Summary

S7729 (ACTIVE) - Sponsor Memo

S7729 (ACTIVE) - Bill Text download pdf

Comments