File #: Int 0360-2024    Version: * Name: The fees charged in a residential rental real estate transaction.
Type: Introduction Status: Committee
Committee: Committee on Consumer and Worker Protection
On agenda: 2/28/2024
Enactment date: Law number:
Title: A Local Law to amend the administrative code of the city of New York, in relation to the fees charged in a residential rental real estate transaction
Sponsors: Chi A. Ossé, Shaun Abreu, Oswald Feliz, Crystal Hudson, Shekar Krishnan, Sandy Nurse, Christopher Marte, Shahana K. Hanif, Selvena N. Brooks-Powers, Tiffany Cabán, Pierina Ana Sanchez, Farah N. Louis, Julie Won, James F. Gennaro, Erik D. Bottcher, Keith Powers , Jennifer Gutiérrez, Robert F. Holden, Yusef Salaam, Kamillah Hanks, Lincoln Restler, Rita C. Joseph, Alexa Avilés, Carmen N. De La Rosa, Althea V. Stevens, Amanda Farías, Mercedes Narcisse, Nantasha M. Williams, Rafael Salamanca, Jr., Chris Banks, (in conjunction with the Brooklyn Borough Presiden
Council Member Sponsors: 30
Summary: This bill would require an individual who is a representative or an agent of a property owner or a prospective tenant in a residential rental real estate transaction to collect fees charged in the transaction from the party employing the individual. The provisions of this bill would not impact the collection of fees by a landlord or property owner.
Attachments: 1. Summary of Int. No. 360, 2. Int. No. 360, 3. February 28, 2024 - Stated Meeting Agenda, 4. Hearing Transcript - Stated Meeting 2-28-24

Int. No. 360

 

By Council Members Ossé, Abreu, Feliz, Hudson, Krishnan, Nurse, Marte, Hanif, Brooks-Powers, Cabán, Sanchez, Louis, Won, Gennaro, Bottcher, Powers, Gutiérrez, Holden, Salaam, Hanks, Restler, Joseph, Avilés, De La Rosa, Stevens, Farías, Narcisse, Williams, Salamanca and Banks (in conjunction with the Brooklyn Borough President)

 

A Local Law to amend the administrative code of the city of New York, in relation to the fees charged in a residential 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 a new chapter 36 to read as follows:

CHAPTER 36

FEES ASSOCIATED WITH RENTAL REAL ESTATE TRANSACTIONS

§ 26-3601 Definitions. As used in this chapter, the term “rental real estate transaction” means a residential real estate transaction involving the rental of real property.

§ 26-3602 Fees in rental real estate transactions. a. A person collecting fees in connection with a rental real estate transaction, whether such person is a representative or an agent of the owner of the property or of the tenant or prospective tenant in such transaction, shall collect such fees from the party employing such person in such transaction.

b. This section does 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 only applies to residential real estate transactions involving the rental of real property entered into on or after the effective date of this law.

 

Session 13

LS #12679

1/25/2024

 

Session 12

DPM

LS #12679

6/15/2023 3:06 PM