Preview
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018
EXHIBIT 47
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018
A10443-B Bing (MS) Same as S 7672-A KLEIN
06/24/10 A10443-B Senate Vote Aye: 61 Nay:
06/22/10 A10443-B Assembly Vote Yes: 143 No
Go to Top of Page
Floor Votes:
06/24/10 A10443-B Senate Vote Aye: 61 Nay: 0
Aye Adams Aye Addabbo Aye Alesi Aye Aubertine
Aye Bonacic Aye Breslin Aye DeFrancisco Aye Diaz
Aye Dilan Aye Duane Aye Espada Aye Farley
Aye Flanagan Aye Foley Aye Fuschillo Aye Golden
#33
Aye Griffo Aye Hannon Aye Aye Huntley
Aye Johnson C Aye Johnson O Aye Klein Aye Kruegei
Aye Kruger Aye Lanza Aye Larkin Aye LaValle
Aye Leibell Aye Libous Aye Little Aye Marcellino
Aye Maziarz Aye McDonald Aye Montgomery Exe Morahan
Aye Nozzolio Aye Onorato Aye Oppenheimer Aye Padavan
Aye Parker Aye Peralta Aye Perkins Aye Ranzenhofer
Aye Robach Aye Saland Aye Sampson Aye Savino
Aye Schneiderman Aye Serrano Aye Seward Aye Skelos
Aye Smith Aye Squadron Aye Stachowski Aye Stavisky
Aye Stewart-Cousins Aye Thompson Aye Valesky Aye Volker
Aye Winner Aye Young
. Go to Top of Page
Floor Votes:
06/22/10 A10443-B Assembly Vote Yes: 143 No : 0
Yes Abbate Yes Alessi Yes Alfano Yes Amedore
Yes Arroyo Yes Aubry Yes Bacalles Yes Ball
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Yes Finch Yes Fitzpatrick Yes Gabryszak Yes Galef
Yes Gantt Yes Gianaris Yes Gibson Yes Giglio
Yes Glick Yes Gordon Yes Gottfried Yes Gunther
Yes Hawley Yes Hayes Yes Heastie ER Hevesi
Yes Hikind Yes Hooper Yes Hoyt Yes Hyer-Spencer
Yes Jacobs Yes Jaffee Yes Jeffries Yes John
Yes Jordan Yes Kavanagh Yes Kellner Yes Kolb
Yes Koon Yes Lancman Yes Latimer Yes Lavine
Yes Lentol Yes Lifton Yes Lopez P Yes Lopez V
Yes Lupardo Yes Magee Yes Magnarelli Yes Maisel
Yes Markey Yes Mayersohn Yes McDonough Yes McEneny
Yes McKevitt Yes Meng ER Miller J Yes Miller M
Yes Millman Yes Molinaro Yes Montesano Yes Morelle
Yes Murray Yes Nolan Yes Oaks Yes O'Donnell
Yes O'Mara Yes Ortiz Yes Parment Yes Paulin
Yes Peoples-Stokes Yes Perry Yes Pheffer ER Powell
Yes Pretlow Yes Quinn Yes Rabbitt Yes Raia
Yes Ramos Yes Reilich Yes Reilly Yes Rivera J
Yes Rivera N Yes Rivera P Yes Robinson Yes Rosenthal
Yes Russell Yes Saladino Yes Sayward Yes Scarborough
Yes Schimel Yes Schimminger Yes Schroeder Yes Scozzafava
Yes Skartados Yes Spano Yes Stirpe Yes Sweeney
Yes Tedisco Yes Thiele Yes Titone Yes Titus
Yes Tobacco Yes Towns Yes Townsend Yes Weinstein
Yes Weisenberg Yes Weprin Yes Wright Yes Zebrowski
Yes Mr. Speaker
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THE SENATE
427 CAPITOL
ALBANY, NEW YORK 12247 STATE OF NEW YORK
(518) 455-3595
FAX (518) 426-6887
KLE1N.NYSENATE.GOV
JEFFREY D. KLEIN
DEPUTY MAJORITY LEADER
August 16, 2010
The Honorable Peter J. Kiernan
Counsel to the Governor
Executive Chamber, State Capitol
Albany, New York 12248
Re: A. 10443-B/S. 7672-A
Dear Mr. Kiernan:
We are writing to
respectfully
request that Governor Paterson to
10443-B/S. 7672-A, which is currently-on his desk. This bill amends the Real P
alter the real estat eliõÿ~disclos to allow for advanced consent to dual
require that th agency disclosure form b used in real estate transactions for cond
cooperative r sidential units.
agency"
The concept of "dual is currently recognized in real estate
form of agency relationship
in which the buyer and seller are represented by the
brokerage firm. This type of agency relationship is available for buyers, sellers,
tenants to select through the use of an agency disclosure fbrm.
In many instances, real estate agents working for a buyer will bring
multiple properties in their search for an appropriate property for the potential pu
the potential purchaser will run into situations where the seller is represented by
buyers'
that is also employed by the same real estate brokerage firm for whom the
Under current law, the property being considered by the buyer could not be shown
a new agency disclosure form was signed by the seller and buyer. This process
activities of showing the property in question or even prohibits the viewing of su
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of the agency relationship, consumers will be better informed regardiñg who is re
or the other party in a transaction which could be the biggest single financial decisi
lives.
This bill is supported by the New York State Association of Realtors
and the Real Estate Board of New York (REBNY). This bill passed both the As
Senate unanimously. Therefore, we respectfully request that Governor Paterson
into law. If you have any questions or comments concerning this matter, please
contact our respective offices.
Sincerely,
Jeffrey D. Klein Jonathan L. Bing
State Senator Member of Assembly
cc. Kristin Ross,
Legislative Secretary's Office
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RETRIEVE BILL
SPONSORS MEMO:
NEW YORK STATE SENATE
INTRODUCER'S MEMORANDUM IN SUPPORT
submitted in accordance with Senate Rule VI. Sec 1
BILL NUMBERs S7672A
SPONSOR: KLEIN
TITLE OF BILL:
An act to amend the real in relation to disclosure rega
property law,
ing real estate agency relationship
PURPOSE OR GENERAL IDEA OF BILL:
The bill would amend the agency disclosure form to allow advanced
consent to dual agency and require the use of agency disclosure forms
real estate transactions f or conanmi rrium and cooperative housing.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1: Real property law section 443, subdivision 1, is amended
broker" salesperson"
add "associate real estate and "real estate to
definition of "agent".
The definition of residential real is amended to include c
property
miniums and cooperatives with respect to the provisions of this sectio
New definitions agency" and
for "advanced consent to dual "advanced
consent to dual with designated sales agents" are also added
agency
sec. 443 of real property law.
Section 2: The real property law section 443, subdivision 3, is amen
to add a new paragraph (f) that allows sellers, landlords, buyers a
tenants to consent in advance to dual agency.
Section 3: Real Law section 443(4)is amended to add correspond
Property
ing changes to the agency disclosure form in statute.
JUSTIFICATION:
A required disclosure form is used to provide con
statutorily agency
ers with information their representation in a real estate
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RETRIEVE BILL
this process by allowing consumers to provide advanced consent to th
"dual agency" relationship. The selection the buyer or seller of
by
agency in advance of it occurring is completely optional.
The bill will also require real estate licensees to provide a written
agency disclosure form when working with clients purchasing or selling
condominiums or cooperatives. current law requires licensees in these
types of transactions to provide verbal disclosure of the agency
relationship. written disclosure in condo and trans-·
Requiring coop
actions will ensure these consumers are afforded the same disclosure
agency representation information that is provided to buyers and sell
of residential real property.
PRIOR LEGISLATIVE HISTORY:
None.
FISCAL IMPLICATIONS:
None.
EFFECTIVE DATE:
January 1, 2011
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RETRIEVE .
NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submi**ed in accordance with Assembly Rule III, See 1(f)
BILL NUMBER: A10443B
. .
SPONSOR: Bing (MS)
TITLE OF BILL: An act.to amend the real property law, in relation
disclosure regarding real estate agency relationship
PURPOSE OR GENERAL IDEA OF BILL: The bill would amend the agency
disclosure form to allow advanced consent to dual agency and require
.use of disclosure forms in real estat-e transactions for condom
agency
ium and cooperative housing.
SUMMARY OF SPECIFIC PROVISIONS: Section 1: Real property law section
subdivision is amended to add "associate real estate broker"
443, 1,
"real estate salesperson" to the definition of "agent".
The definition of residential real is amended to include c
property
miniums and cooperatives with respect to the provisions of this sectio
dual agency" "advanced
New definitions for "advanced consent to and
with designated agents" are also added
consent to dual agency sales
sec. 443 of real property law.
Section 2: The real property law section 443, subdivision 3, is amen
to add a new paragraph (f) that allows sellers, landlords, buyers a
t·
enants to consent in advance to dual agency.
JUSTIFICATION: A statutorily required agency disclosure form is use
to provide consumers with information regarding their representation
a real estate transaction. "Dual Agent" is recognized in
currently
estate license law as a valid form of agency relationship in which
buyer and seller are represented by the same real estate brokerage
company.
bill allow consumers select and allow agency"
This will to a "dual
in advance of it occurring. In buy
relationship actually many cases,
agents will bring their clients to multiple properties in their searc
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RETRIEVE 220 RECEIVED NYSCEF: 10/01/2018
types of transactions to provide verbal disclosure of the agency
relationship. written disclosure in condo and trans-
Requiring coop
actions will ensure these consumers are afforded the same disclosure
agency representation information that is provided to buyers and sell
of residential real property.
PRIOR LEGISLATIVE HISTORY: None
FISCAL IMPLICATIONS: None
EFFECTIVE DATE: January 1, 2011
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DIVISION OF THE BUDGET BILL MEMORANDUM
SENATE:
No.
Primary Sponsor: Bing
Law: Real Property Sections: 443
Division of the Budget recommendation on the above bill:
NO RECOMMENDATION
1. Subject and Purpose:
Existing provisicñs of law require agency disclosure forms be used to provi
information regarding their representation in a real estate transaction. A
recognized as a form of agency relationship in which the buyer and seller
the same broker or salesperson. This bill amends the Real Property Law
disclosure form to allow for advanced consent to a dual agent in a real est
Additichaily, this bill would require agency disclosure forms in real estate
condominiums and cooperative housing.
This bill takes effect January 1, 2011.
2. Reason for No Recommendation:
This bill would have no administrative or fiscal impacts to the State The
which oversees such transactions, offers no objection to the bill. Accordingly,.th
the Budget makes no recommendation on this legislation.
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STATE OF NEW YORK
DEPARTMENT OF STATE
ONE COMMERCE PLAZA
DAVIDA. PATERSON 99 WASHINGTON AVENUE LORRAINEA.C
GOVERNOR . ALBANY, NY 12231-0001 sEC
.. .
MEMORANDUM
July 15, 2
TO: Honorable Peter J. Kiernan, Esq.
Counsel to the Governor
FROM: Matthew W. Tebo, Esq.
Legislative Counsel
SUBJECT: A.10443-B (M. of A. Bing)
Recommendation: No Objection
You requested our comments on the above-referenced bill which w
12-A of the Real Property Law ("Article 12-A") in relation to disclosure of agency
estate brokers and salespersons (hereinafter referred to as "real estate
collectively
Department is responsible for administering
and enforcing the provisions of Article
Pursuant to the common law rule of agency, real estate licenses owe
the consumers they represent. Among the various fiduciary duties owed are reasona
undivided and full disclosure. Article 12-A currently requires real estate lic
loyalty
disclosure form memorializing that they explained to the consumer: (1) who the r
representing in-the transaction; and (2) the duties owed to the consumer based on the
entered.
One of the possible relationships that real estate licensees c
agency
agency. Under dual agency, the real estate licensee represents both parties to a t
cases, where both parties are represented, the real estate licensee cannot provide
fiduciary duties, such as full and undivided loyalty. The statute
currently
requires re
obtain an agency disclosure statement from both parties at the time it is clear that
whereby the licensee would be representing both parties to the transaction. Written
before the real estate licensee can enter into the dual relationship. .
agency
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not know who the broker is actually representing. The bill is clear that advance con
must be 'informed'. As such, the Department is of the opinion that the bill would
licensees to disclose the benefits and detriments of providing advance consent prior
executed and to provide later disclosure when the. dual agency relationship
consummated. Not providing this follow-up disclosure would be a violation of the
duties of full disclosure and reasonable care to the consumer and would be
untrustworthiness pursuant to section 441-c of the Real Property Law.
Condominium and cooperative apartments in buildings containing
are currently exempt from the disclosure form requirements of section 443 of the
The bill would eliminate this exemption. The Department of State supports this chan
afford all consumers similar rights, regardless of the type of residential
property be
or leased.
Based upon the foregoing, the Department of State has no objection
bill.
MWT/WAC/mel
CC: Eric Eichenlaub, Esq.
Assistant Counsel to the Governor
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STATE OFNEWYORK
DAVIDA. PATERSON
GoVERNOR .
July 12, 2010
Honorable Jonathan L. Bing
New York State
Assembly
Room 744
Legislative Office Building
Albany, New York 12248
Honorable Jeffrey D. Klein
New York State Senate
Room 427
State Capitol
Albany, New York 12247
Dear Assemblyman Bing and Senator Klein:
As you know, legislation that you have sponsored (A.10443-B / S.7672-A
now passed both houses of the Legislature, and will soon be sent to the Governor
action.
In order to assist the Governor in reviewing this legislation and deciding
it should be signed into law, we would greatly appreciate
receiving any relevant
documents or information that you have on this bill. In particular, we would
like to receive:
• copies of the sponsor's memorandum in support of this bill;
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The State Constitution gives the Governor only 10 days to act on bills after
have been forwarded by the Legislature, and we therefore would appreciate
receivin
the above information atyour earliest convenience. Please send
any materials yo
Kristin Ross
Legislative Secretary's Office
Executive Chamber
State Capitol
- Room 225
Albany, New York I2224
information that you provide will be included in the bill jacket that is
Any
maintained the State Archives and constitutes the legislative of bills that
by history
been signed into law.
Thank you for your consideration and assistance, and please feel free to con
this office if you have any questions .
Very in1ly yours,
Peter 1 Kiernan
Counsel to the Govemor
cc: K. Ross
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David A. Paterson STATE OF NEW YORK
Governor EXECUTIVE DEPARTMENT Chairpers
CONSUMERPROTECTIONBOARD
TO: Peter J. Kiernan, Counsel to the Governor
FROM: Lisa R. Harris-Eglin, Deputy Executive Director and General Couns
Paula J. O'Brien, Legislative Counsel
Melanie Grossinan, Director of External and Intergovernmental Af
SUBJECT: A.10443-B (Bing)/S.7672-A (Klein)
DATE: July 26, 2010
CPB Position: Support.
. Thank you for inviting the Consumer Protection Board (CPB) to comment
/S.7672-A.
Current Law:
Real Property Law (RPL) §443 relates to disclosure of real estate agency
and representation.
P_ronosed Amendments:
Subdivisions (1) of RPL § 443 is amended to add two new designations o
broker" salesperson"
"Associate real estate and "real estate are both added to the
"agent." property"
In addition, the definition of "residential real would include
and cooperatives and the definition of "advanced consent dual agency with designa
agents"
is added to RPL § 443.
Subdivision (3) of RPL § 443 is amended to add a new paragraph (f) that
landlords, buyers and tenants to consent in advance to dual
agency representation.
Comment:
consumers'
As the State's top consumer watchdog, the CPB represents int
the marketplace by publicizing
unscrupulous and questionable business practices,
investigations and hearings, promoting policy, creating
consumer education progra
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Currently, properties cannot be shown until an appropriate agency disclosure
agency"
signed by the seller and buyer, when "dual situation exists. Therefore,
showings can be delayed and this delay may prevent certain buyers from seeing
the property. Allowing for prior disclosure would enable all buyers, sellers and
view the properties based on what is a best fit for the parties involved, and not ba
representing those parties.
In addition, this bill would require that consent be granted in
writing
for
condominiums and cooperatives whereas prior consent need only be made orally.
this amendment because buyers, sellers and ag
Preview
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018 EXHIBIT 47 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018 A10443-B Bing (MS) Same as S 7672-A KLEIN 06/24/10 A10443-B Senate Vote Aye: 61 Nay: 06/22/10 A10443-B Assembly Vote Yes: 143 No Go to Top of Page Floor Votes: 06/24/10 A10443-B Senate Vote Aye: 61 Nay: 0 Aye Adams Aye Addabbo Aye Alesi Aye Aubertine Aye Bonacic Aye Breslin Aye DeFrancisco Aye Diaz Aye Dilan Aye Duane Aye Espada Aye Farley Aye Flanagan Aye Foley Aye Fuschillo Aye Golden #33 Aye Griffo Aye Hannon Aye Aye Huntley Aye Johnson C Aye Johnson O Aye Klein Aye Kruegei Aye Kruger Aye Lanza Aye Larkin Aye LaValle Aye Leibell Aye Libous Aye Little Aye Marcellino Aye Maziarz Aye McDonald Aye Montgomery Exe Morahan Aye Nozzolio Aye Onorato Aye Oppenheimer Aye Padavan Aye Parker Aye Peralta Aye Perkins Aye Ranzenhofer Aye Robach Aye Saland Aye Sampson Aye Savino Aye Schneiderman Aye Serrano Aye Seward Aye Skelos Aye Smith Aye Squadron Aye Stachowski Aye Stavisky Aye Stewart-Cousins Aye Thompson Aye Valesky Aye Volker Aye Winner Aye Young . Go to Top of Page Floor Votes: 06/22/10 A10443-B Assembly Vote Yes: 143 No : 0 Yes Abbate Yes Alessi Yes Alfano Yes Amedore Yes Arroyo Yes Aubry Yes Bacalles Yes Ball FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018 Yes Finch Yes Fitzpatrick Yes Gabryszak Yes Galef Yes Gantt Yes Gianaris Yes Gibson Yes Giglio Yes Glick Yes Gordon Yes Gottfried Yes Gunther Yes Hawley Yes Hayes Yes Heastie ER Hevesi Yes Hikind Yes Hooper Yes Hoyt Yes Hyer-Spencer Yes Jacobs Yes Jaffee Yes Jeffries Yes John Yes Jordan Yes Kavanagh Yes Kellner Yes Kolb Yes Koon Yes Lancman Yes Latimer Yes Lavine Yes Lentol Yes Lifton Yes Lopez P Yes Lopez V Yes Lupardo Yes Magee Yes Magnarelli Yes Maisel Yes Markey Yes Mayersohn Yes McDonough Yes McEneny Yes McKevitt Yes Meng ER Miller J Yes Miller M Yes Millman Yes Molinaro Yes Montesano Yes Morelle Yes Murray Yes Nolan Yes Oaks Yes O'Donnell Yes O'Mara Yes Ortiz Yes Parment Yes Paulin Yes Peoples-Stokes Yes Perry Yes Pheffer ER Powell Yes Pretlow Yes Quinn Yes Rabbitt Yes Raia Yes Ramos Yes Reilich Yes Reilly Yes Rivera J Yes Rivera N Yes Rivera P Yes Robinson Yes Rosenthal Yes Russell Yes Saladino Yes Sayward Yes Scarborough Yes Schimel Yes Schimminger Yes Schroeder Yes Scozzafava Yes Skartados Yes Spano Yes Stirpe Yes Sweeney Yes Tedisco Yes Thiele Yes Titone Yes Titus Yes Tobacco Yes Towns Yes Townsend Yes Weinstein Yes Weisenberg Yes Weprin Yes Wright Yes Zebrowski Yes Mr. Speaker FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018 THE SENATE 427 CAPITOL ALBANY, NEW YORK 12247 STATE OF NEW YORK (518) 455-3595 FAX (518) 426-6887 KLE1N.NYSENATE.GOV JEFFREY D. KLEIN DEPUTY MAJORITY LEADER August 16, 2010 The Honorable Peter J. Kiernan Counsel to the Governor Executive Chamber, State Capitol Albany, New York 12248 Re: A. 10443-B/S. 7672-A Dear Mr. Kiernan: We are writing to respectfully request that Governor Paterson to 10443-B/S. 7672-A, which is currently-on his desk. This bill amends the Real P alter the real estat eliõÿ~disclos to allow for advanced consent to dual require that th agency disclosure form b used in real estate transactions for cond cooperative r sidential units. agency" The concept of "dual is currently recognized in real estate form of agency relationship in which the buyer and seller are represented by the brokerage firm. This type of agency relationship is available for buyers, sellers, tenants to select through the use of an agency disclosure fbrm. In many instances, real estate agents working for a buyer will bring multiple properties in their search for an appropriate property for the potential pu the potential purchaser will run into situations where the seller is represented by buyers' that is also employed by the same real estate brokerage firm for whom the Under current law, the property being considered by the buyer could not be shown a new agency disclosure form was signed by the seller and buyer. This process activities of showing the property in question or even prohibits the viewing of su FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018 of the agency relationship, consumers will be better informed regardiñg who is re or the other party in a transaction which could be the biggest single financial decisi lives. This bill is supported by the New York State Association of Realtors and the Real Estate Board of New York (REBNY). This bill passed both the As Senate unanimously. Therefore, we respectfully request that Governor Paterson into law. If you have any questions or comments concerning this matter, please contact our respective offices. Sincerely, Jeffrey D. Klein Jonathan L. Bing State Senator Member of Assembly cc. Kristin Ross, Legislative Secretary's Office FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018 RETRIEVE BILL SPONSORS MEMO: NEW YORK STATE SENATE INTRODUCER'S MEMORANDUM IN SUPPORT submitted in accordance with Senate Rule VI. Sec 1 BILL NUMBERs S7672A SPONSOR: KLEIN TITLE OF BILL: An act to amend the real in relation to disclosure rega property law, ing real estate agency relationship PURPOSE OR GENERAL IDEA OF BILL: The bill would amend the agency disclosure form to allow advanced consent to dual agency and require the use of agency disclosure forms real estate transactions f or conanmi rrium and cooperative housing. SUMMARY OF SPECIFIC PROVISIONS: Section 1: Real property law section 443, subdivision 1, is amended broker" salesperson" add "associate real estate and "real estate to definition of "agent". The definition of residential real is amended to include c property miniums and cooperatives with respect to the provisions of this sectio New definitions agency" and for "advanced consent to dual "advanced consent to dual with designated sales agents" are also added agency sec. 443 of real property law. Section 2: The real property law section 443, subdivision 3, is amen to add a new paragraph (f) that allows sellers, landlords, buyers a tenants to consent in advance to dual agency. Section 3: Real Law section 443(4)is amended to add correspond Property ing changes to the agency disclosure form in statute. JUSTIFICATION: A required disclosure form is used to provide con statutorily agency ers with information their representation in a real estate FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018 RETRIEVE BILL this process by allowing consumers to provide advanced consent to th "dual agency" relationship. The selection the buyer or seller of by agency in advance of it occurring is completely optional. The bill will also require real estate licensees to provide a written agency disclosure form when working with clients purchasing or selling condominiums or cooperatives. current law requires licensees in these types of transactions to provide verbal disclosure of the agency relationship. written disclosure in condo and trans-· Requiring coop actions will ensure these consumers are afforded the same disclosure agency representation information that is provided to buyers and sell of residential real property. PRIOR LEGISLATIVE HISTORY: None. FISCAL IMPLICATIONS: None. EFFECTIVE DATE: January 1, 2011 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018 RETRIEVE . NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submi**ed in accordance with Assembly Rule III, See 1(f) BILL NUMBER: A10443B . . SPONSOR: Bing (MS) TITLE OF BILL: An act.to amend the real property law, in relation disclosure regarding real estate agency relationship PURPOSE OR GENERAL IDEA OF BILL: The bill would amend the agency disclosure form to allow advanced consent to dual agency and require .use of disclosure forms in real estat-e transactions for condom agency ium and cooperative housing. SUMMARY OF SPECIFIC PROVISIONS: Section 1: Real property law section subdivision is amended to add "associate real estate broker" 443, 1, "real estate salesperson" to the definition of "agent". The definition of residential real is amended to include c property miniums and cooperatives with respect to the provisions of this sectio dual agency" "advanced New definitions for "advanced consent to and with designated agents" are also added consent to dual agency sales sec. 443 of real property law. Section 2: The real property law section 443, subdivision 3, is amen to add a new paragraph (f) that allows sellers, landlords, buyers a t· enants to consent in advance to dual agency. JUSTIFICATION: A statutorily required agency disclosure form is use to provide consumers with information regarding their representation a real estate transaction. "Dual Agent" is recognized in currently estate license law as a valid form of agency relationship in which buyer and seller are represented by the same real estate brokerage company. bill allow consumers select and allow agency" This will to a "dual in advance of it occurring. In buy relationship actually many cases, agents will bring their clients to multiple properties in their searc FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. RETRIEVE 220 RECEIVED NYSCEF: 10/01/2018 types of transactions to provide verbal disclosure of the agency relationship. written disclosure in condo and trans- Requiring coop actions will ensure these consumers are afforded the same disclosure agency representation information that is provided to buyers and sell of residential real property. PRIOR LEGISLATIVE HISTORY: None FISCAL IMPLICATIONS: None EFFECTIVE DATE: January 1, 2011 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018 DIVISION OF THE BUDGET BILL MEMORANDUM SENATE: No. Primary Sponsor: Bing Law: Real Property Sections: 443 Division of the Budget recommendation on the above bill: NO RECOMMENDATION 1. Subject and Purpose: Existing provisicñs of law require agency disclosure forms be used to provi information regarding their representation in a real estate transaction. A recognized as a form of agency relationship in which the buyer and seller the same broker or salesperson. This bill amends the Real Property Law disclosure form to allow for advanced consent to a dual agent in a real est Additichaily, this bill would require agency disclosure forms in real estate condominiums and cooperative housing. This bill takes effect January 1, 2011. 2. Reason for No Recommendation: This bill would have no administrative or fiscal impacts to the State The which oversees such transactions, offers no objection to the bill. Accordingly,.th the Budget makes no recommendation on this legislation. FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018 STATE OF NEW YORK DEPARTMENT OF STATE ONE COMMERCE PLAZA DAVIDA. PATERSON 99 WASHINGTON AVENUE LORRAINEA.C GOVERNOR . ALBANY, NY 12231-0001 sEC .. . MEMORANDUM July 15, 2 TO: Honorable Peter J. Kiernan, Esq. Counsel to the Governor FROM: Matthew W. Tebo, Esq. Legislative Counsel SUBJECT: A.10443-B (M. of A. Bing) Recommendation: No Objection You requested our comments on the above-referenced bill which w 12-A of the Real Property Law ("Article 12-A") in relation to disclosure of agency estate brokers and salespersons (hereinafter referred to as "real estate collectively Department is responsible for administering and enforcing the provisions of Article Pursuant to the common law rule of agency, real estate licenses owe the consumers they represent. Among the various fiduciary duties owed are reasona undivided and full disclosure. Article 12-A currently requires real estate lic loyalty disclosure form memorializing that they explained to the consumer: (1) who the r representing in-the transaction; and (2) the duties owed to the consumer based on the entered. One of the possible relationships that real estate licensees c agency agency. Under dual agency, the real estate licensee represents both parties to a t cases, where both parties are represented, the real estate licensee cannot provide fiduciary duties, such as full and undivided loyalty. The statute currently requires re obtain an agency disclosure statement from both parties at the time it is clear that whereby the licensee would be representing both parties to the transaction. Written before the real estate licensee can enter into the dual relationship. . agency FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018 not know who the broker is actually representing. The bill is clear that advance con must be 'informed'. As such, the Department is of the opinion that the bill would licensees to disclose the benefits and detriments of providing advance consent prior executed and to provide later disclosure when the. dual agency relationship consummated. Not providing this follow-up disclosure would be a violation of the duties of full disclosure and reasonable care to the consumer and would be untrustworthiness pursuant to section 441-c of the Real Property Law. Condominium and cooperative apartments in buildings containing are currently exempt from the disclosure form requirements of section 443 of the The bill would eliminate this exemption. The Department of State supports this chan afford all consumers similar rights, regardless of the type of residential property be or leased. Based upon the foregoing, the Department of State has no objection bill. MWT/WAC/mel CC: Eric Eichenlaub, Esq. Assistant Counsel to the Governor FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018 STATE OFNEWYORK DAVIDA. PATERSON GoVERNOR . July 12, 2010 Honorable Jonathan L. Bing New York State Assembly Room 744 Legislative Office Building Albany, New York 12248 Honorable Jeffrey D. Klein New York State Senate Room 427 State Capitol Albany, New York 12247 Dear Assemblyman Bing and Senator Klein: As you know, legislation that you have sponsored (A.10443-B / S.7672-A now passed both houses of the Legislature, and will soon be sent to the Governor action. In order to assist the Governor in reviewing this legislation and deciding it should be signed into law, we would greatly appreciate receiving any relevant documents or information that you have on this bill. In particular, we would like to receive: • copies of the sponsor's memorandum in support of this bill; FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018 The State Constitution gives the Governor only 10 days to act on bills after have been forwarded by the Legislature, and we therefore would appreciate receivin the above information atyour earliest convenience. Please send any materials yo Kristin Ross Legislative Secretary's Office Executive Chamber State Capitol - Room 225 Albany, New York I2224 information that you provide will be included in the bill jacket that is Any maintained the State Archives and constitutes the legislative of bills that by history been signed into law. Thank you for your consideration and assistance, and please feel free to con this office if you have any questions . Very in1ly yours, Peter 1 Kiernan Counsel to the Govemor cc: K. Ross FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018 David A. Paterson STATE OF NEW YORK Governor EXECUTIVE DEPARTMENT Chairpers CONSUMERPROTECTIONBOARD TO: Peter J. Kiernan, Counsel to the Governor FROM: Lisa R. Harris-Eglin, Deputy Executive Director and General Couns Paula J. O'Brien, Legislative Counsel Melanie Grossinan, Director of External and Intergovernmental Af SUBJECT: A.10443-B (Bing)/S.7672-A (Klein) DATE: July 26, 2010 CPB Position: Support. . Thank you for inviting the Consumer Protection Board (CPB) to comment /S.7672-A. Current Law: Real Property Law (RPL) §443 relates to disclosure of real estate agency and representation. P_ronosed Amendments: Subdivisions (1) of RPL § 443 is amended to add two new designations o broker" salesperson" "Associate real estate and "real estate are both added to the "agent." property" In addition, the definition of "residential real would include and cooperatives and the definition of "advanced consent dual agency with designa agents" is added to RPL § 443. Subdivision (3) of RPL § 443 is amended to add a new paragraph (f) that landlords, buyers and tenants to consent in advance to dual agency representation. Comment: consumers' As the State's top consumer watchdog, the CPB represents int the marketplace by publicizing unscrupulous and questionable business practices, investigations and hearings, promoting policy, creating consumer education progra FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 220 RECEIVED NYSCEF: 10/01/2018 Currently, properties cannot be shown until an appropriate agency disclosure agency" signed by the seller and buyer, when "dual situation exists. Therefore, showings can be delayed and this delay may prevent certain buyers from seeing the property. Allowing for prior disclosure would enable all buyers, sellers and view the properties based on what is a best fit for the parties involved, and not ba representing those parties. In addition, this bill would require that consent be granted in writing for condominiums and cooperatives whereas prior consent need only be made orally. this amendment because buyers, sellers and ag