S05693 Summary:
BILL NO | S05693B |
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SAME AS | SAME AS A07979-B |
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SPONSOR | ZELDIN |
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COSPNSR | RITCHIE, VALESKY |
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MLTSPNSR | |
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Amd S442, RP L | |
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Relates to clarifying the permissibility of commissions, fees, or other compensation paid to real estate brokers. |
S05693 Actions:
BILL NO | S05693B | |||||||||||||||||||||||||||||||||||||||||||||||||
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06/05/2013 | REFERRED TO JUDICIARY | |||||||||||||||||||||||||||||||||||||||||||||||||
06/20/2013 | COMMITTEE DISCHARGED AND COMMITTED TO RULES | |||||||||||||||||||||||||||||||||||||||||||||||||
06/20/2013 | ORDERED TO THIRD READING CAL.1538 | |||||||||||||||||||||||||||||||||||||||||||||||||
06/20/2013 | PASSED SENATE | |||||||||||||||||||||||||||||||||||||||||||||||||
06/20/2013 | DELIVERED TO ASSEMBLY | |||||||||||||||||||||||||||||||||||||||||||||||||
06/20/2013 | referred to judiciary | |||||||||||||||||||||||||||||||||||||||||||||||||
01/08/2014 | died in assembly | |||||||||||||||||||||||||||||||||||||||||||||||||
01/08/2014 | returned to senate | |||||||||||||||||||||||||||||||||||||||||||||||||
01/08/2014 | REFERRED TO JUDICIARY | |||||||||||||||||||||||||||||||||||||||||||||||||
05/29/2014 | AMEND AND RECOMMIT TO JUDICIARY | |||||||||||||||||||||||||||||||||||||||||||||||||
05/29/2014 | PRINT NUMBER 5693A | |||||||||||||||||||||||||||||||||||||||||||||||||
06/04/2014 | AMEND AND RECOMMIT TO JUDICIARY | |||||||||||||||||||||||||||||||||||||||||||||||||
06/04/2014 | PRINT NUMBER 5693B | |||||||||||||||||||||||||||||||||||||||||||||||||
06/11/2014 | COMMITTEE DISCHARGED AND COMMITTED TO RULES | |||||||||||||||||||||||||||||||||||||||||||||||||
06/11/2014 | ORDERED TO THIRD READING CAL.1334 | |||||||||||||||||||||||||||||||||||||||||||||||||
06/12/2014 | PASSED SENATE | |||||||||||||||||||||||||||||||||||||||||||||||||
06/12/2014 | DELIVERED TO ASSEMBLY | |||||||||||||||||||||||||||||||||||||||||||||||||
06/12/2014 | referred to codes | |||||||||||||||||||||||||||||||||||||||||||||||||
06/16/2014 | substituted for a7979b | |||||||||||||||||||||||||||||||||||||||||||||||||
06/16/2014 | ordered to third reading rules cal.266 | |||||||||||||||||||||||||||||||||||||||||||||||||
06/16/2014 | passed assembly | |||||||||||||||||||||||||||||||||||||||||||||||||
06/16/2014 | returned to senate | |||||||||||||||||||||||||||||||||||||||||||||||||
12/05/2014 | DELIVERED TO GOVERNOR | |||||||||||||||||||||||||||||||||||||||||||||||||
12/17/2014 | SIGNED CHAP.514 |
S05693 Floor Votes:
Yes
Abbate
Yes
Curran
Yes
Hawley
Yes
Markey
Yes
Quart
Yes
Steck
Yes
Abinanti
Yes
Cusick
Yes
Heastie
Yes
Mayer
Yes
Ra
Yes
Stirpe
Yes
Arroyo
Yes
Cymbrowitz
Yes
Hennessey
Yes
McDonald
Yes
Raia
Yes
Sweeney
Yes
Aubry
Yes
Davila
Yes
Hevesi
Yes
McDonough
Yes
Ramos
Yes
Tedisco
Yes
Barclay
Yes
DenDekker
Yes
Hikind
Yes
McKevitt
Yes
Rivera
Yes
Tenney
Yes
Barrett
Yes
Dinowitz
Yes
Hooper
Yes
McLaughlin
Yes
Roberts
Yes
Thiele
Yes
Benedetto
Yes
DiPietro
Yes
Jacobs
Yes
Miller
Yes
Robinson
Yes
Titone
Yes
Blankenbush
Yes
Duprey
Yes
Jaffee
Yes
Millman
Yes
Rodriguez
Yes
Titus
Yes
Borelli
Yes
Englebright
Yes
Johns
No
Montesano
Yes
Rosa
Yes
Walter
Yes
Braunstein
Yes
Fahy
Yes
Katz
Yes
Morelle
Yes
Rosenthal
Yes
Weinstein
Yes
Brennan
Yes
Farrell
Yes
Kavanagh
Yes
Mosley
Yes
Rozic
ER
Weisenberg
Yes
Brindisi
Yes
Finch
Yes
Kearns
Yes
Moya
Yes
Russell
Yes
Weprin
Yes
Bronson
Yes
Fitzpatrick
AB
Kellner
Yes
Nojay
Yes
Ryan
Yes
Wright
Yes
Brook-Krasny
Yes
Friend
Yes
Kim
Yes
Nolan
ER
Saladino
Yes
Zebrowski
Yes
Buchwald
Yes
Galef
Yes
Kolb
Yes
Oaks
Yes
Santabarbara
Yes
Mr. Speaker
ER
Butler
Yes
Gantt
ER
Lalor
Yes
O'Donnell
Yes
Scarborough
Yes
Cahill
Yes
Garbarino
Yes
Lavine
ER
Ortiz
Yes
Schimel
Yes
Camara
Yes
Giglio
Yes
Lentol
Yes
Otis
Yes
Schimminger
Yes
Ceretto
Yes
Gjonaj
Yes
Lifton
Yes
Palmesano
Yes
Sepulveda
Yes
Clark
Yes
Glick
Yes
Lopez
Yes
Palumbo
Yes
Simanowitz
Yes
Colton
Yes
Goldfeder
Yes
Lupardo
Yes
Paulin
Yes
Simotas
Yes
Cook
Yes
Goodell
Yes
Lupinacci
Yes
Peoples-Stokes
Yes
Skartados
Yes
Corwin
Yes
Gottfried
Yes
Magee
Yes
Perry
Yes
Skoufis
Yes
Crespo
Yes
Graf
Yes
Magnarelli
Yes
Pichardo
Yes
Solages
Yes
Crouch
Yes
Gunther
Yes
Malliotakis
Yes
Pretlow
Yes
Stec
‡ Indicates voting via videoconference
S05693 Text:
Go to top STATE OF NEW YORK ________________________________________________________________________ 5693--B 2013-2014 Regular Sessions IN SENATE June 5, 2013 ___________ Introduced by Sens. ZELDIN, VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary -- recommitted to the Committee on Judiciary in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the real property law, in relation to clarifying the permissibility of commissions, fees or other compensation paid to real estate brokers The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 442 of the real property law, as amended by chapter 2 45 of the laws of 1982, the opening paragraph as amended by chapter 316 3 of the laws of 2004, the second undesignated paragraph as amended by 4 chapter 734 of the laws of 1986, is amended to read as follows: 5 § 442. Splitting commissions. 1. No real estate broker shall pay any 6 part of a fee, commission or other compensation received by the broker 7 to any person for any service, help or aid rendered in any place in 8 which this article is applicable, by such person to the broker in 9 buying, selling, exchanging, leasing, renting or negotiating a loan upon 10 any real estate including the resale of a condominium or cooperative 11 apartment unless such a person be a duly licensed real estate salesman 12 regularly associated with such broker or a duly licensed real estate 13 broker or a person regularly engaged in the real estate brokerage busi- 14 ness in a state outside of New York; provided, however, that notwith- 15 standing any other provision of this section, it shall be permissible 16 for a real estate broker to pay any part of a fee, commission, or other 17 compensation received to an unlicensed corporation or an unlicensed 18 limited liability company if each of its shareholders or members, EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11341-08-4S. 5693--B 2 1 respectively, is associated as an individual with the broker as a duly 2 licensed associate broker or salesman. 3 2. Furthermore, notwithstanding any other provision of law, it shall 4 be permissible for a broker properly registered pursuant to the 5 provisions of article twenty-three-A of the general business law who 6 earns a commission on the original sale of a cooperative or homeowners 7 association interest in real estate, including condominium units to pay 8 any part of a fee, commission or other compensation received for bring- 9 ing about such sale to a person whose [prinicipal] principal business is 10 not the sale or offering of cooperatives or homeowners association 11 interests in real property, including condominium units in this state 12 but who is either: (i) a real estate salesman duly licensed under this 13 article who is regularly associated with such broker; (ii) a broker duly 14 licensed under this article; or a person regularly engaged in the real 15 estate brokerage business in a state outside of New York. 16 Except when permitted pursuant to the foregoing provisions of this 17 section no real estate broker shall pay or agree to pay any part of a 18 fee, commission, or other compensation received by the broker, or due, 19 or to become due to the broker to any person, firm or corporation who or 20 which is or is to be a party to the transaction in which such fee, 21 commission or other compensation shall be or become due to the broker; 22 provided, however, that nothing in this section shall prohibit a real 23 estate broker from offering any part of a fee, commission, or other 24 compensation received by the broker to the seller, buyer, landlord or 25 tenant who is buying, selling, exchanging, leasing, renting or negotiat- 26 ing a loan upon any real estate including the resale of a condominium or 27 cooperative apartment. Such fee, commission, or other compensation must 28 not be made to the seller, buyer, landlord or tenant for performing any 29 activity requiring a license under this article. 30 § 2. This act shall take effect immediately.