Section 442-L. After-the-fact referral fees  


Latest version.
  • 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.