NYSAR's Latest Legislative Efforts in Albany Gain Ground

As the 2007-08 legislative session winds-down, the following action on real estate related legislation occurred in Albany:

Commission Escrow Act (A.7519 Gianaris/S.4874 Volker)

Legislative support to strengthen the laws that protect earned but unpaid commissions continues to grow. More than half of the members of the Assembly have signed on to the bill including the latest addition, Janele Hyer-Spencer (D-Staten Island), which brings the total number of sponsors in that house to 81, our strongest backing to date. Following our consistent advocacy effort including member participation in online “Calls for Action," the bill was reported from the Assembly Judiciary Committee against the wishes of the chair by a vote of 19 in favor to 2 opposed. The bill is now in the Codes Committee. NYSAR will continue working with the bill’s sponsor, Assemblyman Michael Gianaris, to keep the momentum going toward reporting this bill to the floor of the Assembly.

In addition, NYSAR staff met with counsel for the New York State Consumer Protection Board this past week. It was a productive meeting in which NYSAR staff and counsel were able to address each of the concerns that were raised by the CPB. We were also able to clarify several points for the CPB as well as provide further information on how the act would work in practical terms. NYSAR concluded the meeting by reassuring them that our doors are always open and that we would be happy to answer any further questions they may have regarding our Commission Escrow legislation.

Sex Offender Ban (A.1269 Bing/S.1531Fuschillo)

REALTOR support of the legislative proposal to ban all sex offenders from holding or obtaining a real estate licensee was bolstered when nearly 500 e-mails supporting the bill were sent to lawmakers leading up to Lobby Day. The e-mails were in response to a NYSAR online “Call for Action,” which clearly resonated with lawmakers as the piece of legislation was ultimately moved from the Assembly Judiciary Committee to the Codes Committee by an overwhelming vote of 19 in favor to 2 opposed. This was a huge victory as the bill has remained stalled in the Judiciary Committee since 2006. Protecting the safety of their customers and clients is a top priority for members of the New York State Association of REALTORS. NYSAR will continue its efforts with Assemblyman Jonathan Bing in support of this measure with the ultimate hope of bringing it to the floor of the Assembly for a vote by the entire body.

Agriculture District Boundary Disclosure

NYSAR staff continues to work with Assemblyman David Koon (D-Perinton) and Senator George Winner (R/I/C-Elmira) to amend NYSAR-opposed legislation to extend the agriculture district notice to buyers or real property located within 500 feet of the boundary of an agricultural district. Current law requires notice just to those to properties either partially or directly located within an agriculture district.

Leaders reach agreement on foreclosure relief

Gov. David Paterson and leaders of the state Legislature announced an agreement this past week to revamp the state’s foreclosure laws. Under the agreement, lenders would have to give homeowners at least 90-days warning prior to initiating foreclosure proceedings, and they would be required to provide homeowners a list of local state-approved housing counselors. Additionally, lenders must make a “reasonable and good-faith” effort to determine whether an applicant can repay a loan and must meet with borrowers if they were to default and were facing foreclosure. The bill also includes new consumer protections that would require loan brokers to act in the borrower’s interest and present loans that are best suited to the borrower’s financial situation.

This article is taken from NYSAR's Governmental Affairs Update for 6/20/08