Designates materially misleading digital representations in real estate listings as an unfair, deceptive or abusive act or false advertising; provides that a licensed real estate broker or salesperson shall be subject to suspension or revocation of their license for a violation of such provisions.
Impact
The implications of S09584 are significant. If enacted, the bill would enable enforcement against licensed real estate brokers or salespersons who utilize misleading digital representations. Violations are subject to penalties including license suspension, revocation, or fines up to $2000. Additionally, it specifically targets false advertising practices by requiring clear disclosures regarding any material alterations made to digital representations, thereby promoting transparency and integrity in real estate marketing.
Summary
Bill S09584 aims to amend New York's General Business Law and Real Property Law to address the authenticity of digital representations in real estate listings. The bill designates materially misleading digital representations, which include any image, video, or interactive media used to advertise real property, as an unfair or deceptive act. This legislative change is intended to protect consumers by ensuring that they cannot be misled by alterations that affect their understanding of a property’s condition, features, or layout.
Contention
Potential areas of contention surrounding the bill include concerns from the real estate industry regarding the practicality of compliance and the nuances of digital marketing. Critics may argue that the stringent requirements for disclosures could hamper creative marketing techniques and increase operational complexity for real estate professionals. On the other hand, consumer advocates support the bill, viewing it as a necessary step in curbing deceptive practices that mislead buyers and renters about properties, thus enhancing overall consumer protection.
Extends the revocation period for real estate brokers and real estate salespersons from one year to three years; includes the license revocation and suspension history of real estate brokers or real estate salespersons on the data.ny.gov website.
Allows up to seven excess continuing education credit hours for real estate brokers and real estate salespersons to be carried forward to the next two-year licensing period.
Enacts the "mandatory arbitration & business licensing act"; provides that no state agency or local government shall issue or renew a covered license to any person that refuses to certify that such person will not, as the owner or operator of a business or provider of services in the state or a local government operating pursuant to such license; makes related provisions.
Enacts the "mandatory arbitration & business licensing act"; provides that no state agency or local government shall issue or renew a covered license to any person that refuses to certify that such person will not, as the owner or operator of a business or provider of services in the state or a local government operating pursuant to such license; makes related provisions.
Relates to penalties for violations of article fifteen of the executive law committed by mortgage bankers and mortgage brokers; includes such violations as grounds for suspension or revocation of license or registration.
A bill for an act relating to the license application form for real estate brokers and salespersons, and brokerage agreement requirements. (Formerly SF 15.) Effective date: 07/01/2025.
In enforcement, further providing for revocation, suspension or denial of license, permit or registration; and, in hunting and furtaking licenses, further providing for denial or revocation of licenses and for period of revocation.
Relates to the definition and term of real estate listing agreements; provides that no real estate broker shall be a party to a listing agreement if such agreement is for a period longer than two years; provides that a listing agreement shall not be enforceable if the agreement is for a period longer than two years.