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Bill

S 10274

Relates to access to fair and transparent real estate listings

2025 Regular Session Introduced by Nathalia Fernández and 1 co-sponsor

The bill requires most residential listings to be publicly marketed (via MLS or free online platforms) unless sellers opt out with a standardized disclosure form.

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Bill Summary · S 10274

Overview

Bill S. 10274, introduced in the New York Senate (2025-2026 session) by Senator Fernandez and co-sponsored by Nathalia Fernández and Julia Salazar, seeks to ensure fair and transparent access to residential real estate listings. It aims to require timely public advertising of listed properties on broadly accessible platforms and to provide a standardized, optional opt-out disclosure for sellers who prefer restricted marketing. The measure operates within the Real Property Law and directs the Department of State to implement accompanying rules.

Purpose and intent

  • Promote open, non-discriminatory access to residential real estate listings.
  • Enhance fair housing opportunities, promote market competition, and support accurate price discovery.
  • Prevent or limit the use of private listing networks or restricted-access systems that can render homes invisible to a portion of buyers and licensees.

Key provisions

  • New section 443-b (Marketing) adds requirements for listing practices:
    • Definitions set for terms including public advertising/marketing, private/limited access channels, licensee, and multiple listing service (MLS).
    • Listing agents must:
    • Share listing information with all licensees representing prospective buyers/tenants.
    • Respond to inquiries from licensees representing prospective buyers/tenants.
    • Make the property available for showings.
    • Publicly advertise/market the property at least via an MLS or publicly accessible online platform that does not require payment or exclusive access, unless the seller signs a standardized disclosure/opt-out form.
    • Concurrently and publicly advertise properties listed on private/limited channels to ensure transparency, unless the seller signs the opt-out form.
    • Maintain a copy of the signed opt-out form for at least three years and produce it to the Department of State upon request.
    • Public marketing is required unless a seller opts out via the standardized form.
  • Opt-out disclosure form (New York State Disclosure Form for Seller or Landlord Opt-Out of Public Marketing) details:
    • Risks of reduced visibility, limited online exposure, potentially fewer offers and slower sales, restricted marketing channels, and nondiscrimination safeguards.
    • Not a contract; seller signs to opt for restricted marketing.
    • Form is to be provided by the licensee and the Department will provide a standardized version online.
  • Department of State authority:
    • To issue rules/regulations necessary to implement subdivision two.
    • To make the disclosure form publicly available on its website.
  • Enforcement and penalties:
    • The existing licensing framework is amended to allow revocation, suspension, or fines for real estate brokers/salespersons.
    • Penalty amount increased: fines up to $5,000 (previously $2,000) payable to the New York State Department; portion of fines redirected to the anti-discrimination in housing fund.
    • Violations can also lead to reprimand or other disciplinary actions for untrustworthy practices, fraudulent advertising, or dishonest conduct.
  • Timelines and effectiveness:
    • The act takes effect 180 days after it becomes law.
    • Immediate authority to implement necessary rules/regulations prior to the effective date for seamless transition.

Who is affected

  • Real estate listing agents, brokers, and salespersons representing sellers/landlords of residential property.
  • Sellers/landlords who choose to opt-out of public marketing via the disclosed form.
  • Buyers and tenants represented by licensees, who gain greater access to property listings through public platforms.
  • The Department of State, which will regulate, enforce, and administer disclosure forms and marketing requirements.

Practical impact

  • Increases visibility of most listings to the broad market and licensees, potentially improving competition and bid outcomes.
  • Creates a standardized path for sellers who wish to pursue restricted marketing, with explicit risks disclosed to inform decision-making.
  • Expands regulatory oversight of listing practices and strengthens anti-discrimination safeguards via funding allocations.

Compiled from official sources — confirm details with the bill’s official record.

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