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.
STATE OF NEW YORK
________________________________________________________________________
4126--A
2015-2016 Regular Sessions
IN ASSEMBLY
January 29, 2015
___________
Introduced by M. of A. DenDEKKER, COOK, MONTESANO, AUBRY -- Multi-Spon-
sored by -- M. of A. TITONE -- read once and referred to the Commit-
tee on Judiciary -- recommitted to the Committee on Judiciary in
accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
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.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07984-02-6
A. 4126--A 2
1 (d) The secretary of state shall promulgate rules or regulations
2 requiring that in every real estate transaction, any document which
3 requires the signature of a real estate salesperson and/or real estate
4 broker shall also require such salesperson or broker to legibly write
5 his or her name and license number on the document along with the signa-
6 ture.
7 § 2. This act shall take effect immediately.
