New York City Council Header
File #: Int 1423-2019    Version: Name: Limiting the fees charged in a rental real estate transaction.
Type: Introduction Status: Laid Over in Committee
Committee: Committee on Housing and Buildings
On agenda: 2/13/2019
Enactment date: Law number:
Title: A Local Law to amend the administrative code of the city of New York, in relation to limiting the fees charged in a rental real estate transaction
Sponsors: Keith Powers , Carlina Rivera , Laurie A. Cumbo, The Public Advocate (Mr. Williams), Brad S. Lander, Stephen T. Levin, Ben Kallos, James G. Van Bramer, Mark Levine, Diana Ayala , Margaret S. Chin, Helen K. Rosenthal, Vanessa L. Gibson, Francisco P. Moya, Costa G. Constantinides, Daniel Dromm , Karen Koslowitz, Donovan J. Richards, Antonio Reynoso, Robert E. Cornegy, Jr., Rafael L. Espinal, Jr., Alicka Ampry-Samuel , Andy L. King, Farah N. Louis
Council Member Sponsors: 24
Summary: This bill would limit the fees that individuals can collect in a rental real estate transaction. Individuals would be prevented from collecting fees from prospective tenants that are above the value of one month’s rent.
Attachments: 1. Summary of Int. No. 1423-A, 2. Summary of Int. No. 1423, 3. Int. No. 1423, 4. February 13, 2019 - Stated Meeting Agenda with Links to Files, 5. Hearing Transcript - Stated Meeting 2-13-19, 6. Proposed Int. No. 1423-A - 6/27/19, 7. Committee Report 6/27/19, 8. Hearing Testimony 6/27/19, 9. Hearing Transcript 6/27/19

Proposed Int. No. 1423-A

 

By Council Members Powers, Rivera, Cumbo, the Public Advocate (Mr. Williams), Lander, Levin, Kallos, Van Bramer, Levine, Ayala, Chin, Rosenthal, Gibson, Moya, Constantinides, Dromm, Koslowitz, Richards, Reynoso, Cornegy, Espinal, Ampry-Samuel, King and Louis

 

A Local Law to amend the administrative code of the city of New York, in relation to limiting the fees charged in a rental real estate transaction

 

Be it enacted by the Council as follows:

 

Section 1. Title 26 of the administrative code of the city of New York is amended by adding new chapter 26 to read as follows:

CHAPTER 26

FEES ASSOCIATED WITH REAL ESTATE TRANSACTIONS

§ 26-2601 Definitions.

§ 26-2602 Fees in rental real estate transactions.

 

§ 26-2601 Definitions. As used in this subchapter, the term “rental real estate transaction” means a residential real estate transaction involving the rental of real property.

§ 26-2602 Fees in rental real estate transactions. a. It shall be unlawful for any individual or individuals to collect fees in connection with a rental real estate transaction from a tenant or prospective tenant which, in the aggregate, exceed the value of one month of rent of the property in such transaction, where such individual is a representative or an agent of the owner of such property. Nothing in this chapter shall limit the total fees any such individual or individuals can collect in any rental real estate transaction.

b. Subdivision a shall not apply to the collection of fees by the owner or landlord of a residential rental property.

§ 2. This local law takes effect 60 days after it becomes law, and shall only apply to rental real estate transactions entered into on or after the effective date of this law.

 

SIL/AS

LS #7080

05/29/2019 2:37 PM