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S07729 Summary:

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S07729 Committee Votes:

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S07729 Memo:

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S07729 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7729
 
                    IN SENATE
 
                                     January 7, 2022
                                       ___________
 
        Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
 
        AN ACT to amend the real property law, in  relation  to  requiring  real
          estate  brokers to institute standardized operating procedures for the
          prerequisites prospective homebuyers shall meet prior to receiving any
          services; and to amend a chapter of the laws of 2021 amending the real
          property law relating to requiring the secretary of state  to  promul-
          gate  regulations requiring real estate brokers to institute standard-
          ized operating procedures for the prerequisites prospective homebuyers
          shall meet prior to receiving any services, as proposed in legislative
          bills numbers S. 2131-A and A. 6186, in relation to the  effectiveness
          thereof
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Subdivision 4 of section 442-h of the real property law, as
     2  added by a chapter of the laws of 2021 amending the  real  property  law
     3  relating  to  requiring the secretary of state to promulgate regulations
     4  requiring real estate brokers to institute standardized operating proce-
     5  dures for the prerequisites prospective homebuyers shall meet  prior  to
     6  receiving  any  services,  as  proposed  in legislative bills numbers S.
     7  2131-A and A. 6186, is amended to read as follows:
     8    4. (a) [The secretary of state, upon notice  and  a  public  hearing,]
     9  Each  real estate broker shall [promulgate rules and regulations requir-
    10  ing real estate brokers to] institute standardized operating  procedures
    11  for  the prerequisites prospective homebuyers must meet prior to receiv-
    12  ing any services. Such [rules and  regulations]  standardized  operating
    13  procedures shall include but not be limited to the following:
    14    (i) whether prospective clients shall show identification;
    15    (ii) whether an exclusive broker agreement is required; [and]
    16    (iii) whether pre-approval for a mortgage loan is required; and
    17    (iv) any other such standardized operating procedures as the secretary
    18  of  state shall determine by regulation and upon notice and public hear-
    19  ing.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06380-04-2
        S. 7729                             2
 
     1    (b) Real estate brokers shall [submit] date stamp, notarize  and  post
     2  such  standardized  operating procedures [to the department of state and
     3  the department of state] on any publicly available  website  and  mobile
     4  device  application  they maintain, shall make a copy of such procedures
     5  available  to  the  public  upon  request at their office locations, and
     6  shall maintain a file of such standardized  operating  procedures  while
     7  the broker's license is active [and for at least five years thereafter].
     8  Any  website or mobile device application maintained by a team or a real
     9  estate salesperson should also have the brokers' policies posted or have
    10  a direct link from such website or  mobile  device  application  to  the
    11  brokers'  website  or  mobile device application. If any alterations are
    12  made  to  the  standardized  operating  procedures  subsequent  to  such
    13  [submission] posting, real estate brokers shall [notify and submit] date
    14  stamp,  notarize  and post such new standard operating procedures on any
    15  publicly available website or mobile device  application  they  maintain
    16  within  thirty  days, and archive such alterations. Any broker or sales-
    17  person operating under a brokerage license that fails to adhere to  such
    18  operating  procedures  shall  be  subject  to  the  penalties imposed by
    19  section four hundred forty-one-c of this article.
    20    (c) Any time a real estate broker is required to renew  their  license
    21  they  must affirm to the department of state that they are in compliance
    22  with the requirements of this subdivision related to standardized  oper-
    23  ating procedures.
    24    §  2.  Section  3  of  a chapter of the laws of 2021 amending the real
    25  property law relating to requiring the secretary of state to  promulgate
    26  regulations  requiring  real  estate  brokers  to institute standardized
    27  operating procedures for the prerequisites prospective homebuyers  shall
    28  meet  prior  to receiving any services, as proposed in legislative bills
    29  numbers S. 2131-A and A. 6186, is amended to read as follows:
    30    § 3. This act shall take effect [immediately] on the one hundred twen-
    31  tieth day after it shall have become a law.
    32    § 3. This act shall take effect immediately, provided,  however,  that
    33  section  one  of  this act shall take effect on the same date and in the
    34  same manner as a chapter of the laws of 2021 amending the real  property
    35  law  relating  to  requiring  the secretary of state to promulgate regu-
    36  lations requiring real estate brokers to institute standardized  operat-
    37  ing  procedures  for the prerequisites prospective homebuyers shall meet
    38  prior to receiving  any  services,  as  proposed  in  legislative  bills
    39  numbers S. 2131-A and A. 6186, takes effect.