Chap. 696 – S.2131 Update - December 25, 2021 Rochester Chapter

All Brokerages and Salespersons should take a moment to confirm with their council the implications of the Bill below. The level of documentation is still not clear and that has to be a concern. 

Chap. 696 – S.2131: Requires the DOS to develop regulations pertaining to requiring brokerages to institute standard operating procedures and submit them to the DOS and DOS to maintain a file of these statementsThe approval memo raises concerns about additional costs to the state per the bill’s requirement of the DOS to create and implement the Standard Operating Procedure database. As such, the governor and legislature have agreed to make several changes to this law that will 1) require real estate brokers to institute standard operating procedures, 2) allow the DOS to supplement the standard operating procedures through the rule making process; 3) require brokers to notarize and date stamp the standard operating procedures and any revisions thereto, and post the SOP on any website and mobile device application maintained by the broker, and require brokers to make a copy of such procedures available to the public at their office, 4) require brokers to affirm compliance with these requirements when renewing their license, 5) amend the effective date to allow for a public hearing, development of regulations and give brokers time to comply with the law.