New York Senate Bill S00951 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 951 2025-2026 Regular Sessions  IN SENATE (Prefiled) January 8, 2025 ___________ Introduced by Sens. KAVANAGH, BRISPORT, WEBB -- read twice and ordered printed, and when printed to be committed to the Committee on Judici- ary AN ACT to amend the real property law, in relation to requiring the secretary of state to require that real estate brokers and salesper- sons compile and disclose certain demographic information The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The real property law is amended by adding a new section 2 442-m to read as follows: 3 § 442-m. Collection and disclosure of demographic information. 1. 4 (a) Every real estate broker or salesperson licensed in this state shall 5 request, in a manner consistent with any regulations adopted by the 6 secretary of state, the voluntarily disclosure of demographic informa- 7 tion from each client of such broker or salesperson who is a prospective 8 home purchaser, including the full name, race, ethnicity and gender of 9 each such client, and other demographic information as the secretary of 10 state may determine is necessary, and shall record and retain such 11 information for a period of two years; provided that the client's 12 production of or refusal to produce such information shall not affect 13 the provision of services to the client. 14 (b) For each such client, such broker or salesperson shall record the 15 results of the services provided by such broker or salesperson in this 16 state, including properties listed, properties shown, the location of 17 such properties, and the disposition of every offer received by such 18 broker with respect to a transaction, including whether the offer was 19 accepted or rejected and whether a closing occurred, and shall retain 20 such information for a period of two years. 21 (c) Every such broker or salesperson shall submit, or cause to be 22 submitted through a brokerage business with which such broker or sales- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02370-01-5 
 S. 951 2 1 person is associated, a summary of the information recorded pursuant to 2 this subdivision to the department of state in a manner prescribed by 3 the secretary of state. Such submission shall be due annually by the 4 first day of March for the preceding calendar year. 5 2. The secretary of state shall establish and maintain a database of 6 all information submitted pursuant to subdivision one of this section 7 and shall make such data available to the governor, the attorney gener- 8 al, the temporary president of the senate, and the speaker of the assem- 9 bly upon request. All such data shall be maintained in a format that can 10 be searched by location, by real estate broker or salesperson, and by 11 any brokerage business with which such broker or salesperson may be 12 associated. Such database shall not be disclosed to a member of the 13 public unless the data has been anonymized to protect the identity of 14 the clients. 15 3. The secretary of state shall issue an annual report to the gover- 16 nor, the attorney general, the temporary president of the senate, and 17 the speaker of the assembly, and make such report available on the 18 public website of the department of state, on the aggregate demographic 19 data of clients and the results of services reported pursuant to subdi- 20 vision one of this section. Such report shall be due by the first day of 21 May of each year and shall cover clients served by brokers or salesper- 22 sons during the preceding calendar year and any other information or 23 analysis that the secretary of state may determine appropriate. Such 24 report shall not include the identity of any client without such 25 client's consent. 26 § 2. This act shall take effect on the ninetieth day after it shall 27 have become a law. Effective immediately, the addition, amendment and/or 28 repeal of any rule or regulation necessary for the implementation of 29 this act on its effective date are authorized to be made and completed 30 on or before such effective date.