Bill Text: NY A04126 | 2015-2016 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Requires every real estate salesperson and real estate broker involved in or present during a real estate transaction to include his or her license number and signature on every document requiring a signature.

Spectrum: Moderate Partisan Bill (Democrat 4-1)

Status: (Introduced - Dead) 2016-03-22 - print number 4126a [A04126 Detail]

Download: New_York-2015-A04126-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4126
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 29, 2015
                                      ___________
       Introduced  by M. of A. DenDEKKER, COOK, MONTESANO, AUBRY -- Multi-Spon-
         sored by -- M. of A.  BROOK-KRASNY, TITONE -- read once  and  referred
         to the Committee on Judiciary
       AN  ACT  to  amend  the  real property law, in relation to requiring the
         secretary of state to promulgate rules  requiring  every  real  estate
         salesperson  and  real  estate  broker involved in or present during a
         real estate transaction to include  his  or  her  license  number  and
         signature on every document requiring a signature
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 1 of section 442-k of the real property law, as
    2  added by chapter 248 of the laws of 1995, is amended to read as follows:
    3    1. (A) The state real estate board shall have the power to  promulgate
    4  rules  or  regulations  affecting  brokers and sales persons in order to
    5  administer and effectuate the purposes  of  this  article,  except  that
    6  matters  pertaining  to  commingling  money  of  a  principal, rendering
    7  accounts for a client, managing property for a client, broker's purchase
    8  of property listed with him or her, inducing breach of contract of  sale
    9  or  lease, and records of transactions to be maintained are reserved for
   10  the exclusive regulatory authority of the secretary of state.
   11    (B) The secretary of state, and not the state real estate board  shall
   12  promulgate   rules  and  regulations  to  administer  or  implement  the
   13  provisions of sections four hundred forty-one and  four  hundred  forty-
   14  two-h of this article.
   15    [In  addition,  the]  (C)  THE secretary of state shall have exclusive
   16  regulatory authority  to  promulgate  rules  regarding  the  duties  and
   17  responsibilities  of real estate brokers and salespersons with regard to
   18  the handling of clients' funds.
   19    (D) THE SECRETARY OF  STATE  SHALL  PROMULGATE  RULES  OR  REGULATIONS
   20  REQUIRING  EVERY  REAL  ESTATE  SALESPERSON  AND/OR  REAL  ESTATE BROKER
   21  INVOLVED IN OR PRESENT DURING A REAL ESTATE TRANSACTION TO EACH  LEGIBLY
   22  SIGN AND INCLUDE HIS OR HER LICENSE NUMBER ON EVERY DOCUMENT REQUIRING A
   23  SIGNATURE OF SUCH SALESPERSON OR BROKER IN SUCH TRANSACTION.
   24    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07984-01-5