Bill Text: NY A10386 | 2023-2024 | General Assembly | Introduced

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Bill Title: Requires real estate brokers and salespersons to compile and disclose client demographic data to the secretary of state; requires real estate brokers and salespersons to request the voluntary disclosure of demographic information from clients and record and retain such information for a period of two years.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-05-21 - referred to judiciary [A10386 Detail]

Download: New_York-2023-A10386-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10386

                   IN ASSEMBLY

                                      May 21, 2024
                                       ___________

        Introduced   by   COMMITTEE  ON  RULES  --  (at  request  of  M.  of  A.
          Bichotte Hermelyn) -- read once and referred to the Committee on Judi-
          ciary

        AN ACT to amend the real property law,  in  relation  to  requiring  the
          secretary  of  state to require that real estate brokers and salesper-
          sons compile and disclose certain demographic information

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  The  real property law is amended by adding a new section
     2  442-m to read as follows:
     3    § 442-m.  Collection and disclosure of demographic  information.    1.
     4  (a) Every real estate broker or salesperson licensed in this state shall
     5  request,  in  a  manner  consistent  with any regulations adopted by the
     6  secretary of state, the voluntarily disclosure of  demographic  informa-
     7  tion from each client of such broker or salesperson who is a prospective
     8  home  purchaser,  including the full name, race, ethnicity and gender of
     9  each such client, and other demographic information as the secretary  of
    10  state  may  determine  is  necessary,  and  shall record and retain such
    11  information for a period  of  two  years;  provided  that  the  client's
    12  production  of  or  refusal to produce such information shall not affect
    13  the provision of services to the client.
    14    (b) For each such client, such broker or salesperson shall record  the
    15  results  of  the services provided by such broker or salesperson in this
    16  state, including properties listed, properties shown,  the  location  of
    17  such  properties,  and  the  disposition of every offer received by such
    18  broker with respect to a transaction, including whether  the  offer  was
    19  accepted  or  rejected  and whether a closing occurred, and shall retain
    20  such information for a period of two years.
    21    (c) Every such broker or salesperson shall  submit,  or  cause  to  be
    22  submitted  through a brokerage business with which such broker or sales-
    23  person is associated, a summary of the information recorded pursuant  to
    24  this  subdivision  to  the department of state in a manner prescribed by
    25  the secretary of state. Such submission shall be  due  annually  by  the
    26  first day of March for the preceding calendar year.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06921-01-3
        A. 10386                            2

     1    2.  The  secretary of state shall establish and maintain a database of
     2  all information submitted pursuant to subdivision one  of  this  section
     3  and  shall make such data available to the governor, the attorney gener-
     4  al, the temporary president of the senate, and the speaker of the assem-
     5  bly upon request. All such data shall be maintained in a format that can
     6  be  searched  by  location, by real estate broker or salesperson, and by
     7  any brokerage business with which such  broker  or  salesperson  may  be
     8  associated.  Such  database  shall  not  be disclosed to a member of the
     9  public unless the data has been anonymized to protect  the  identity  of
    10  the clients.
    11    3.  The  secretary of state shall issue an annual report to the gover-
    12  nor, the attorney general, the temporary president of  the  senate,  and
    13  the  speaker  of  the  assembly,  and  make such report available on the
    14  public website of the department of state, on the aggregate  demographic
    15  data  of clients and the results of services reported pursuant to subdi-
    16  vision one of this section. Such report shall be due by the first day of
    17  May of each year and shall cover clients served by brokers or  salesper-
    18  sons  during  the  preceding  calendar year and any other information or
    19  analysis that the secretary of state  may  determine  appropriate.  Such
    20  report  shall  not  include  the  identity  of  any  client without such
    21  client's consent.
    22    § 2. This act shall take effect on the ninetieth day  after  it  shall
    23  have become a law. Effective immediately, the addition, amendment and/or
    24  repeal  of  any  rule  or regulation necessary for the implementation of
    25  this act on its effective date are authorized to be made  and  completed
    26  on or before such effective date.