Senate Bill S5472

2021-2022 Legislative Session

Requires disclosure of information concerning flood insurance on residential leases

download bill text pdf

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Archive: Last Bill Status - Passed Senate & Assembly


  • 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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Bill Amendments

co-Sponsors

2021-S5472 - Details

Law Section:
Real Property Law
Laws Affected:
Amd §§462 & 465, rpld §467, add §231-b, RP L
Versions Introduced in Other Legislative Sessions:
2019-2020: S8439
2023-2024: S5400

2021-S5472 - Summary

Requires every residential lease to provide notice of information concerning flood insurance.

2021-S5472 - Sponsor Memo

2021-S5472 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5472
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               March 8, 2021
                                ___________
 
 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  disclo-
   sure  of  information concerning flood insurance on property condition
   disclosure statements; and to repeal section 467 of the real  property
   law relating to liability with respect to property disclosures
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 2 of section 462 of the real property  law,  as
 added by chapter 456 of the laws of 2001, is amended to read as follows:
   2. The following shall be the disclosure form:
 
                  PROPERTY CONDITION DISCLOSURE STATEMENT
 
 NAME OF SELLER OR SELLERS:
 
 PROPERTY ADDRESS:
 
   THE  PROPERTY CONDITION DISCLOSURE ACT REQUIRES THE SELLER OF RESIDEN-
 TIAL REAL PROPERTY TO CAUSE THIS DISCLOSURE STATEMENT OR A COPY  THEREOF
 TO  BE DELIVERED TO A BUYER OR BUYER'S AGENT PRIOR TO THE SIGNING BY THE
 BUYER OF A BINDING CONTRACT OF SALE.
   PURPOSE OF STATEMENT: THIS IS A STATEMENT OF  CERTAIN  CONDITIONS  AND
 INFORMATION CONCERNING THE PROPERTY KNOWN TO THE SELLER. THIS DISCLOSURE
 STATEMENT  IS  NOT  A WARRANTY OF ANY KIND BY THE SELLER OR BY ANY AGENT
 REPRESENTING THE SELLER IN THIS TRANSACTION. IT IS NOT A SUBSTITUTE  FOR
 ANY  INSPECTIONS  OR  TESTS AND THE BUYER IS ENCOURAGED TO OBTAIN HIS OR
 HER OWN INDEPENDENT PROFESSIONAL INSPECTIONS AND ENVIRONMENTAL TESTS AND
 ALSO IS ENCOURAGED TO CHECK PUBLIC RECORDS PERTAINING TO THE PROPERTY.
   A KNOWINGLY FALSE OR INCOMPLETE STATEMENT BY THE SELLER ON  THIS  FORM
 MAY  SUBJECT  THE  SELLER  TO  CLAIMS BY THE BUYER PRIOR TO OR AFTER THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2021-S5472A (ACTIVE) - Details

Law Section:
Real Property Law
Laws Affected:
Amd §§462 & 465, rpld §467, add §231-b, RP L
Versions Introduced in Other Legislative Sessions:
2019-2020: S8439
2023-2024: S5400

2021-S5472A (ACTIVE) - Summary

Requires every residential lease to provide notice of information concerning flood insurance.

2021-S5472A (ACTIVE) - Sponsor Memo

2021-S5472A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5472--A
     Cal. No. 703
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               March 8, 2021
                                ___________
 
 Introduced   by   Sens.  HOYLMAN,  ADDABBO,  BIAGGI,  BROOKS,  GAUGHRAN,
   GOUNARDES, HINCHEY, KAPLAN, LIU, MANNION, MARTUCCI, OBERACKER,  REICH-
   LIN-MELNICK,  SEPULVEDA,  STAVISKY  -- read twice and ordered printed,
   and when printed to be committed to  the  Committee  on  Judiciary  --
   recommitted  to  the  Committee on Judiciary in accordance with Senate
   Rule 6, sec. 8 -- reported favorably from said committee,  ordered  to
   first  and second report, ordered to a third reading, passed by Senate
   and delivered to the Assembly, recalled, vote  reconsidered,  restored
   to  third  reading, amended and ordered reprinted, retaining its place
   in the order of third reading
 
 AN ACT to amend the real property law, in relation to requiring  disclo-
   sure of information concerning flood insurance on residential leases
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.  The real property law is amended by adding a  new  section
 231-b to read as follows:
   § 231-B. FLOOD HISTORY AND RISK NOTICE IN RESIDENTIAL LEASES. 1. EVERY
 RESIDENTIAL  LEASE  SHALL  PROVIDE  NOTICE  OF THE FOLLOWING INFORMATION
 RELATED TO THE PREVIOUS FLOOD HISTORY AND  CURRENT  FLOOD  RISK  OF  THE
 LEASED PREMISES, AS FOLLOWS:
   (A)  WHETHER  ANY  OR  ALL OF THE LEASED PREMISES IS LOCATED WHOLLY OR
 PARTIALLY IN A FEDERAL EMERGENCY MANAGEMENT AGENCY  ("FEMA")  DESIGNATED
 FLOODPLAIN;
   (B)  WHETHER  ANY  OR  ALL OF THE LEASED PREMISES IS LOCATED WHOLLY OR
 PARTIALLY IN THE SPECIAL FLOOD HAZARD  AREA  ("SFHA";  "100-YEAR  FLOOD-
 PLAIN")  ACCORDING  TO  FEMA'S CURRENT FLOOD INSURANCE RATE MAPS FOR THE
 LEASED PREMISES' AREA;
   (C) WHETHER ANY OR ALL OF THE LEASED PREMISES  IS  LOCATED  WHOLLY  OR
 PARTIALLY  IN  A MODERATE RISK FLOOD HAZARD AREA ("500-YEAR FLOODPLAIN")
 ACCORDING TO FEMA'S CURRENT FLOOD INSURANCE RATE  MAPS  FOR  THE  LEASED
 PREMISES' AREA; AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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