2018 New York Laws
RPP - Real Property
Article 12-A - Real Estate Brokers and Real Estate Salesmen
442-L - After-the-Fact Referral Fees.
§ 442-l. After-the-fact referral fees. 1. No real estate broker or salesperson, in any place in which this article is applicable, shall demand or receive a referral fee or compensation of any kind for (i) a referral from any person or other entity relative to finding a seller after a bona fide listing agreement has been signed, (ii) a referral from any person or other entity relative to finding a buyer after a bona fide offer to purchase is accepted, or (iii) a referral from any person or other entity relative to finding a property after a bona fide buyer's agency agreement has been signed, unless reasonable cause for payment of such compensation exists.
2. A violation of this section shall be a violation of this article and shall constitute a deceptive act or practice within the meaning of section three hundred forty-nine of the general business law.
