Two of NYSAR's top legislative priorities were signed into law by New York Gov. David Paterson this month, including the Commission Escrow Act and a sex offender ban that precludes all convicted sex offenders from obtaining a real estate license.
The Commission Escrow Act provides that when a contractually agreed upon commission has not been paid, the disputed funds shall be placed into safe keeping from the proceeds of the sale, pending an impartial review and determination.
Gov. Paterson also signed NYSAR-supported legislation that precludes all convicted sex offenders from obtaining a real estate license. Under the parameters of the new law, any convicted sex offender will be barred from holding a real estate license. The measure closes a loophole in previous statute that only precluded felons from obtaining a real estate license. As such, misdemeanor-level sex offenders had been eligible to obtain a real estate license.
This article is from NYSAR's Communication Center E-News dated August 18,2008
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