NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A7325
SPONSOR: Jean-Pierre TITLE OF BILL:
An act to amend the real property law, in relation to requiring VA home
loan training in the required training for real estate brokers
PURPOSE OR GENERAL IDEA OF BILL:
To increase education and awareness about VA Home Loans.
SUMMARY OF PROVISIONS:
Section one: Amends paragraph a of subdivision three of the real proper-
ty law to include one hour of instruction pertaining to a VA Home Loan
and defines a VA Home Loan.
Section two: Sets the effective date
JUSTIFICATION:
Currently, 3.7% of all Veterans call New York State home, but a mere
1.2% of all VA Home Loans are utilized in New York. To bring about mean-
ingful change, we must amplify education and awareness surrounding the
VA Home Loan Program. Historically, the program suffered from limited
accessibility. In recent years, this program has undergone significant
improvements, rendering it more accessible than ever before.
Real estate professionals receive initial instruction on the VA 'Home
Loan Program but there are no requirements for continued education on
this topic. By including instruction on VA Home Loans in the continuing
education requirements for real estate professionals, we can foster
greater awareness and understanding of the program's benefits for veter-
ans. This legislation will pave the way for more New York Veterans and
their families to seize the benefits presented by the program, allowing
them to secure housing for themselves and their loved ones.
PRIOR LEGISLATIVE HISTORY:
None.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined.
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
7325
2023-2024 Regular Sessions
IN ASSEMBLY
May 17, 2023
___________
Introduced by M. of A. JEAN-PIERRE -- read once and referred to the
Committee on Judiciary
AN ACT to amend the real property law, in relation to requiring VA home
loan training in the required training for real estate brokers
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (a) of subdivision 3 of section 441 of the real
2 property law, as separately amended by chapters 686 and 688 of the laws
3 of 2021, is amended to read as follows:
4 (a) No renewal license shall be issued any licensee under this article
5 for any license period commencing November first, nineteen hundred nine-
6 ty-five unless such licensee shall have within the two year period imme-
7 diately preceding such renewal attended at least twenty-two and one-half
8 hours which shall include at least two hours of cultural competency
9 training, at least three hours of instruction pertaining to fair housing
10 and/or discrimination in the sale or rental of real property or an
11 interest in real property, at least two hours of instruction pertaining
12 to implicit bias awareness and understanding, at least one hour of
13 instruction pertaining to a VA Home Loan, at least two and one-half
14 hours of instruction pertaining to ethical business practices, at least
15 one hour of instruction pertaining to recent legal matters governing the
16 practice of real estate brokers and salespersons in New York which may
17 include statutes, laws, regulations, rules, codes, department of state
18 opinions and decisions, and court decisions and at least one hour of
19 instruction pertaining to the law of agency except in the case of the
20 initial two-year licensing term for real estate salespersons, two hours
21 of agency related instruction must be completed, and successfully
22 completed a continuing education real estate course or courses approved
23 by the secretary of state as to method, content and supervision, which
24 approval may be withdrawn if in the opinion of the secretary of state
25 such course or courses are not being conducted properly as to method,
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10864-01-3
A. 7325 2
1 content and supervision. For those individuals licensed pursuant to
2 subdivision six of section four hundred forty-two-g of this article, in
3 the individual's initial license term, at least eleven hours of the
4 required twenty-two and one-half hours of continuing education shall be
5 completed during the first year of the term. Of those eleven hours,
6 three hours shall pertain to applicable New York state statutes and
7 regulations governing the practice of real estate brokers and salesper-
8 sons. To establish compliance with the continuing education requirements
9 imposed by this section, licensees shall provide an affidavit, in a form
10 acceptable to the department of state, establishing the nature of the
11 continuing education acquired and shall provide such further proof as
12 required by the department of state. For purposes of this subdivision,
13 "implicit bias" shall mean the attitudes or stereotypes that affect an
14 individual's understanding, actions and decisions in an unconscious
15 manner and "VA Home Loan" shall mean any loan defined pursuant to 38
16 USCA § 3710.
17 § 2. This act shall take effect immediately.
