BILL NUMBER: S10274
SPONSOR: FERNANDEZ
 
TITLE OF BILL:
An act to amend the real property law, in relation to access to fair and
transparent real estate listings
 
PURPOSE OR GENERAL IDEA OF BILL:
Requires timely public advertising or marketing of listed residential
properties on platfo accessible to the general public; permits non-publ-
ic marketing only where the seller gives informed, written direction
after receiving a standardized state disclosure that clearly explains
the risks and tradeoffs of withholding a listing from public marketing.
 
SUMMARY OF PROVISIONS:
Section 1: Short title.
Section 2: Legislative findings and intent.
Section 3: Amends real property law by adding a new section 443-b,
"Marketing". Defines "publicly advertise or market", "Private or limited
access channels", "Licensee", and "Multiple listing service". Outlines
responsibilities of a seller or landlord under this legislation,
provides opt-out form.
Section 4: Penalties and provisions.
Section 5: Enacting clause.
 
JUSTIFICATION:
Access to information shapes outcomes for buyers and sellers. Private
Listing Networks are a strategy real estate brokers use to quietly shop
their properties to internal audiences for indefinite periods of time,
out of sight from other brokerages and a global pool of potentially
willing buyers. Often, this is followed by a subsequent "Coming Soon"
phase where properties are marketed on select public portals without key
insights like days on market or price adjustments. If this phase also
produces no buyers, then the property is listed on the MLS for all
agents and buyers to see. But even though the property has been listed
on various private markets for a given time, from the buyer's perspec-
tive the property has just hit "the market".
This legislation requires that listings posted on any market must also
be listed on public access channels. Sellers or landlords are given the
option to opt out after signing a disclosure provided in this bill which
acknowledges the potential consequences of withholding their property
from public marketing.
 
PRIOR LEGISLATIVE HISTORY:
New bill
 
FISCAL IMPLICATIONS:
None
 
EFFECTIVE DATE:
This act shall take effect on the one hundred eightieth day after it
shall have become a law. Effective immediately, the addition, amendment
and/or repeal of any rule or regulation necessary for the implementation
of this act on its effective date are authorized to be made and
completed on or before such effective date.