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Assembly Bill A8770

2025-2026 Legislative Session

Requires new residential construction sellers to inform buyers of any price increase caused by tariffs on building materials

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Current Bill Status - In Assembly Committee

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2025-A8770 (ACTIVE) - Details

Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
General Business Law
Laws Affected:
Add §396-sss, Gen Bus L

2025-A8770 (ACTIVE) - Summary

Requires sellers of new residential construction to inform buyers of any price increase caused by tariffs on building materials.

2025-A8770 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8770
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 2, 2025
                                ___________
 
 Introduced  by  M.  of  A.  ROSENTHAL  --  read once and referred to the
   Committee on Consumer Affairs and Protection
 
 AN ACT to amend the general business law, in relation to  requiring  new
   residential  construction  sellers  to  inform  buyers  of  any  price
   increase caused by tariffs on building materials

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general business law is amended by adding a new section
 396-sss to read as follows:
   §  396-SSS. NEW RESIDENTIAL CONSTRUCTION COST TRANSPARENCY. 1. FOR THE
 PURPOSES OF THIS SECTION, (A) "NEW RESIDENTIAL CONSTRUCTION"  MEANS  ANY
 RESIDENTIAL  STRUCTURE OR UNIT, INCLUDING SINGLE- AND MULTI-FAMILY HOMES
 AND FOR-SALE UNITS WITHIN MULTIPLE DWELLINGS IN WHICH TITLE TO THE INDI-
 VIDUAL UNITS IS TRANSFERRED TO OWNERS UNDER A CONDOMINIUM OR COOPERATIVE
 REGIME, WHICH HAS BEEN RECENTLY CONSTRUCTED AND IS BEING LISTED FOR SALE
 OR SOLD FOR  THE  FIRST  TIME.  SUCH  TERMS  DO  NOT  INCLUDE  DWELLINGS
 CONSTRUCTED  SOLELY  FOR LEASE, MOBILE HOMES AS DEFINED IN SECTION SEVEN
 HUNDRED TWENTY-ONE OF THIS CHAPTER, ANY  HOUSE  OR  UNIT  IN  WHICH  THE
 BUILDER  HAS  RESIDED  OR  LEASED  CONTINUOUSLY  FOR THREE YEARS OR MORE
 FOLLOWING THE DATE OF COMPLETION OF  CONSTRUCTION,  AS  EVIDENCED  BY  A
 CERTIFICATE OF OCCUPANCY, OR ANY HOUSE OR UNIT WHICH HAS PREVIOUSLY BEEN
 SOLD, UNLESS THE PURPOSE OF SUCH SALE WAS FOR RESALE.
   (B)  "TARIFF  COST  ESTIMATE" MEANS AN ESTIMATE OF ANY INCREASE IN THE
 PRICE OR PRICES OF A NEW RESIDENTIAL CONSTRUCTION RESULTING DIRECTLY  OR
 INDIRECTLY  FROM  TARIFFS  IMPOSED BY THE FEDERAL GOVERNMENT, INCLUDING,
 BUT NOT LIMITED TO, TARIFFS ON STEEL, LUMBER, AND OTHER  GOODS  USED  IN
 THE MANUFACTURING, CONSTRUCTION, OR DISTRIBUTION OF RESIDENTIAL BUILDING
 MATERIALS.  SUCH ESTIMATE SHALL INCLUDE ALL INCREASES IN PRICE ATTRIBUT-
 ABLE TO THE TARIFFS.
   2. ANY SELLER OR AGENT ADVERTISING FOR SALE OR ENTERING INTO AN AGREE-
 MENT FOR THE SALE OF NEW  RESIDENTIAL  CONSTRUCTION  WITHIN  THIS  STATE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13212-03-5

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