Your action is needed – The Long Island Board of REALTORS® (LIBOR), and the New York State of REALTORS® (NYSAR) opposes new guidance by the Department of State stating that a landlord's agent is now prohibited from collecting a broker fee/commission from the tenant in rental transactions statewide under its interpretation of the 2019 Housing Stability and Tenant Protection Act passed last June. If enforced, this would have devastating effects on REALTORS® engaging in rental transactions.

The most immediate effect of this new guidance is that it will void current agreements between brokers and landlords where the tenant pays the commission. The Department’s guidance has now created uncertainty in the payment for services already provided by the broker. Additionally, if a landlord's agent does collect a commission from the tenant, that licensee would be subject to discipline by the Department of State.

Your action is needed, no matter what type of real estate you work in - Take Action to protect agent commissions now and in the future. Tell Governor Cuomo, the Secretary of State and your state lawmakers that you oppose the Department of State's new guidance on rental broker fees today.