Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to judiciary |
Sep 30, 2009 |
referred to judiciary |
Assembly Bill A9161
2009-2010 Legislative Session
Sponsored By
LATIMER
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-A9161 (ACTIVE) - Details
2009-A9161 (ACTIVE) - Sponsor Memo
BILL NUMBER:A9161 TITLE OF BILL: An act to amend the real property law, in relation to prohibiting real estate brokers from providing legal advice or preparing legal documents in real estate matters unless such person is a New York state licensed attorney PURPOSE OR GENERAL IDEA OF BILL: This bill protects the purchasers and sellers of real property from entering into real estate contracts that may or may not be binding due to lack of legal training and experience. SUMMARY OF SPECIFIC PROVISIONS: Since the purchase of a home is most likely to be the most important legal transaction that the average person undertakes, it should be done in such a manner that protects all parties' best interests. Its intent is not to diminish nor take away from the need to use a licensed realtor for the purpose of locating and acquiring real estate. This bill however will deem it illegal for any licensed Real Estate Broker, Associate Broker, or Agent to give legal advice or prepare legal documents such as binders or contacts of sale for the purchase of real property. Those that violate this law will be subject to penalties subscribed. The first offence would constitute a warning. The second offence would constitute a $1,000.00 fine. Each subsequent fine after the second offense would constitute a fine of $5,000.00 for each offense. This bill assures that when working with a real estate broker, associate broker, agent and or any other person that is duly licensed to sell real estate in New York State, a purchaser or
2009-A9161 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9161 2009-2010 Regular Sessions I N A S S E M B L Y September 30, 2009 ___________ Introduced by M. of A. LATIMER -- read once and referred to the Commit- tee on Judiciary AN ACT to amend the real property law, in relation to prohibiting real estate brokers from providing legal advice or preparing legal docu- ments in real estate matters unless such person is a New York state licensed attorney THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The real property law is amended by adding a new section 440-c to read as follows: S 440-C. PROHIBITIONS ON THE PROVISION OF LEGAL ADVICE OR PREPARATION OF LEGAL DOCUMENTS BY REAL ESTATE BROKERS. 1. A REAL ESTATE BROKER, ASSOCIATE REAL ESTATE BROKER, REAL ESTATE SALESMAN OR ANY OTHER PERSON DULY LICENSED TO SELL REAL ESTATE SHALL BE PROHIBITED FROM PROVIDING LEGAL ADVICE OR PREPARING LEGAL DOCUMENTS FOR REAL ESTATE MATTERS, UNLESS SUCH PERSON IS AN ATTORNEY LICENSED IN THE STATE PURSUANT TO ARTICLE FIFTEEN OF THE JUDICIARY LAW. 2. ANY REAL ESTATE BROKER, ASSOCIATE REAL ESTATE BROKER, REAL ESTATE SALESMAN OR ANY OTHER PERSON DULY LICENSED TO SELL REAL ESTATE SHALL RECEIVE A WARNING UPON THE FIRST VIOLATION OF SUBDIVISION ONE OF THIS SECTION. A SECOND OFFENSE SHALL BE PUNISHABLE BY A FINE OF ONE THOUSAND DOLLARS AND EACH SUBSEQUENT OFFENSE SHALL BE PUNISHABLE BY A FINE OF FIVE THOUSAND DOLLARS. S 2. This act shall take effect on the sixtieth day after it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14743-01-9
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