Bill Text: NY S01448 | 2021-2022 | General Assembly | Introduced


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

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Engrossed - Dead) 2022-01-05 - REFERRED TO JUDICIARY [S01448 Detail]

Download: New_York-2021-S01448-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          1448

                               2021-2022 Regular Sessions

                    IN SENATE

                                    January 12, 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  the
          secretary  of  state to promulgate rules or regulations requiring real
          estate salespersons and  brokers  to  legibly  write  their  name  and
          license number on certain documents

          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  that  in  every  real  estate transaction, any document which
    21  requires the signature of a real estate salesperson and/or  real  estate
    22  broker  shall  also  require such salesperson or broker to legibly write
    23  his or her name and license number on the document along with the signa-
    24  ture.
    25    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08210-01-1
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