Bill Text: NY S03403 | 2019-2020 | General Assembly | Amended

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Bill Title: Relates to unlawful dealing in real property, when a person uses material governmental information, which he or she knows or has reason to know is non-public, to purchase or sell real property; class A misdemeanor.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO CODES [S03403 Detail]

Download: New_York-2019-S03403-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         3403--A
            Cal. No. 809

                               2019-2020 Regular Sessions

                    IN SENATE

                                    February 6, 2019
                                       ___________

        Introduced  by  Sens. GIANARIS, RAMOS -- read twice and ordered printed,
          and when printed to be committed to the Committee on Codes -- reported
          favorably from said committee, ordered to  first  and  second  report,
          ordered  to  a third reading, amended and ordered reprinted, retaining
          its place in the order of third reading

        AN ACT to amend the penal law, in relation to unlawful dealing  in  real
          property

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

     1    Section 1. The penal law is amended by adding a new section 190.95  to
     2  read as follows:
     3  § 190.95 Unlawful dealing in real property.
     4    A  person  is  guilty  of  unlawful dealing in real property when such
     5  person uses material governmental information which he or she  knows  or
     6  has reason to know is non-public to purchase or sell real property based
     7  on an expected change in value of such property relating to such materi-
     8  al  governmental  information.  For  purposes of this section, "material
     9  governmental information" is any material information about the  certain
    10  awarding  or approval of tax incentives, tax abatement, payments in lieu
    11  of taxes, bonds, notes, loans, grants, rebates, contracts, land  use  or
    12  environmental  decisions,  including  but  not  limited  to planning and
    13  zoning approvals and state environmental quality review act statutes and
    14  regulations, by any state or local governmental entity including but not
    15  limited to  authorities,  boards,  commissions,  industrial  development
    16  agencies, and regional economic development councils.
    17    Unlawful dealing in real property is a class A misdemeanor.
    18    § 2. This act shall take effect on the one hundred eightieth day after
    19  it shall have become a law.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06859-03-9