US EditionThese Broker-Fee Fines Are Lower Than Most Broker Fees
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These Broker-Fee Fines Are Lower Than Most Broker Fees
New York’s broker-fee bill, which makes it illegal for rental brokers who work for the landlord to charge the tenant a fee, is caught up in the courts at the moment. But we got a glimpse of the fines brokers who break the law would face.
Under new NYC law, charging an illegal broker fee could result in $750 fine
When a new city law banning forced broker fees takes effect this June, landlords and brokers who charge tenants a fee could face fines starting at $750. As first reported by Crain’s, the Department of Consumer and Worker Protection (DCWP) on Monday proposed penalties for violating the Fairness in Apartment Rental Expenses (FARE) Act, which was passed by the City Council last year and shifts the payment of broker fees to the party who hired the r…
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