Bill > S00071

This bill requires residential property managers of cooperatives and condominiums to register with the secretary of state and obtain certification, establishing a comprehensive regulatory framework for their professional conduct. The bill defines a property manager as someone who receives compensation for managing residential properties and provides services like maintenance, financial decision-making, or money collection. To be certified, property managers must submit a detailed registration statement including personal information, employment history, criminal background, and proof of completing an approved training program. The certification is valid for two years and costs $50, with mandatory renewal and requirements to report any significant changes in employment or circumstances. The bill mandates that no cooperative or condominium board can employ an uncertified property manager or firm, with exceptions for managers overseeing fewer than 25 residential units. Penalties for non-compliance include civil fines ranging from $1,000 to $5,000, and property managers must maintain separate financial accounts for each property they manage. The legislation also requires property managers to turn over all records and funds within 10-45 days of terminating their services, with the attorney general empowered to enforce these provisions. The goal is to enhance professionalism, accountability, and transparency in residential property management.

Justice

https://www.nysenate.gov/legislation/bills/2025/S71