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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

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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.

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Council Member Brewer discusses Intro 130-A on establishing composting facilities in city parks