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Explanation of Introduction 360-A (FARE Act) on broker fees for tenants
0:20:53
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53 sec
Speaker Adams explains Introduction 360-A, also known as the FARE Act, sponsored by Council Member Chi Ossé. The bill aims to protect renters from unfair broker fees when they didn't hire the broker themselves.
- Prohibits brokers from charging fees to tenants when exclusively representing the landlord's interests
- Requires landlords or their agents to disclose all tenant fees in listings and rental agreements
- Outlines enforcement by the Department of Consumer and Worker Protection, including education and outreach
- Specifies civil penalties for violations of the bill
Adrienne E. Adams
0:20:53
And introduction 360 a, also known as the FAIR Act, sponsored by council member Chiyo Se, would ensure that renters are not forced to pay a fee for the services of a real estate broker they did not hire.
0:21:08
It would prohibit brokers from passing their fee onto tenants when the broker is exclusively representing the landlord's interests.
0:21:15
Landlords or their agents would be required to disclose the fees that the tenant must pay in their listings and rental agreements.
0:21:23
The Department of Consumer and Worker Protection would enforce this bill and would conduct education and outreach.
0:21:29
Any person who violates this bill would be subject to a civil penalty penalty or civil action.
0:21:35
We thank our staff members, Rachel Cordero, David Seitzer, Natalie Melser, and Sarah Swain.
0:21:41
Thank you very much for your attention, colleagues.
0:21:43
Now I turn it back over to our majority leader.