New York Senate Bill S10274 passed both chambers in May 2026 and is on Governor Hochul's desk. If signed, it adds Section 443-b to the Real Property Law, requiring listing agents to publicly advertise residential listings within one calendar day of the listing agreement unless the seller signs the state-prescribed disclosure-and-opt-out form. The bill's opt-out form is unusually specific — including a Fair Housing acknowledgment that Connecticut's parallel law does not require.
Updated June 4, 2026
The short version. Within one calendar day of signing a listing agreement, a New York listing agent must make the property listing available on a platform broadly accessible to the general public and to any licensed broker representing prospective buyers — unless the seller signs the state-prescribed disclosure-and-opt-out form. The form specifically requires the seller to acknowledge two things: (1) that withholding the listing may reduce visibility and may produce a lower sales price, and (2) that discrimination against Fair Housing protected classes is prohibited. The form documents that the seller acknowledged. The LSDR documents the deliberation behind the acknowledgment.
S10274, sponsored by State Senator Fernandez (with an Assembly counterpart), adds a new Section 443-b titled "Marketing" to Article 12-A of the New York Real Property Law. Article 12-A is the existing framework governing real estate brokers and salespersons — the same article that contains the existing § 443 agency disclosure form that listing agents already provide to sellers.
The core operative language: within one calendar day of the start date of a written listing agreement, the listing agent shall publicly advertise or market the listing for sale or lease on at least one publication, platform, or website that is broadly accessible to the general public and to any licensed real estate broker or salesperson representing prospective buyers — without limitation to a particular brokerage, franchise, or private listing network. The listing must be made available on a platform that does not require payment and does not require a consumer to work with the listing brokerage to access.
The legislative findings state the intent plainly: "open and transparent access to residential real estate listings is essential to fair housing opportunity, market competition, and accurate price discovery." This framing — the explicit pairing of Fair Housing concerns with market-competition concerns — is what produces the specific opt-out form requirements discussed below.
S10274 creates a binary at the point of listing: public marketing within one calendar day, or signed opt-out following standardized disclosure. The LSDR is the deliberation artifact that documents what the seller understood about that binary before signing. The state-prescribed form satisfies the procedural disclosure. The LSDR satisfies the evidentiary expectation that the disclosure was meaningful — that the seller understood the specific tradeoffs in their specific regional market and chose accordingly. State-form disclosure plus LSDR-documented deliberation are the two halves of a defensible private-listing file in New York.
The bill defines this with unusual precision. To satisfy the public-marketing requirement, a platform must meet all of the following conditions:
This definition is intentionally constructed to exclude several specific arrangements common in current New York practice:
MLSs that distribute via IDX to consumer portals (Zillow, Realtor.com, etc.) clearly satisfy the definition. MLSs that hold listings internally without consumer-facing distribution may not — though this is less likely to be an issue in practice because New York's major MLSes (REBNY's RLS, OneKey MLS, Hudson Gateway, and others) all maintain public-facing distribution.
The LSDR's comparison table is configured per-state and per-MLS to reflect what "public marketing" means in the seller's specific regional market. For New York deployments, the table presents S10274's full trigger definition — including the explicit exclusion of brokerage-internal and franchise-restricted networks. The opt-out form's standardized disclosure tells the seller the consequences of forgoing public marketing in the abstract. The LSDR shows them concretely: which specific marketing channels become unavailable, which regional MLS data points apply, and what the timing implications are under the one-calendar-day rule.
S10274 permits non-public marketing where the seller gives informed, written direction after receiving a standardized state disclosure that clearly explains the risks and tradeoffs of withholding a listing from public marketing. The mechanism mirrors Connecticut's SB 340 in its general shape, but with a critical difference: in New York, the boilerplate disclosure-and-opt-out form text is written directly into the bill itself, not delegated to a state regulatory body to draft.
The bill's form requires the seller to specifically acknowledge two things:
The second item is the most substantive difference between New York's law and Connecticut's. Connecticut's SB 340 does not require an explicit Fair Housing acknowledgment in the opt-out form. New York's S10274 does. This reflects the legislative finding that private listing networks have been used, in some cases, to selectively limit buyer access in ways that produce discriminatory outcomes — and the legislative response is to require the seller to expressly acknowledge that the broker has explained the Fair Housing constraint before opting out.
For brokers, the Fair Housing acknowledgment in the opt-out form is not pro forma. A seller who signs the form and then directs the broker to selectively limit marketing in ways that produce discriminatory effects is signing a document that says the broker disclosed the prohibition. If the discrimination is later proven, the broker's defense — that they did not know — is undermined by the document the broker themselves had the seller sign.
The phrase "informed, written direction" appears verbatim in the New York bill's purpose statement and is what the LSDR is purpose-built to document. The seller's structured walk-through of the public-versus-restricted comparison, their ranked priorities, the tensions surfaced in those priorities (including any tensions between privacy preference and Fair Housing constraints), and the resulting choice — all dual-signed, all timestamped, all contemporaneous — are the substantive evidence of informed direction.
Three questions a regulator or claimant will ask, looking back 18 months after the fact:
A seller's signature on the S10274 opt-out form proves they signed and acknowledged. The LSDR proves they understood what they were acknowledging — including the Fair Housing constraint that the New York form specifically requires.
Real estate licensing in New York is administered by the Department of State, Division of Licensing Services, under Article 12-A of the Real Property Law. Violations of the existing Article 12-A — including the existing § 443 agency disclosure form requirements — are subject to enforcement through the Department of State's complaint and adjudication process. Sanctions can include fines, license suspension, and license revocation.
S10274's enforcement framework is grafted onto this existing Article 12-A structure. The bill does not establish a separate fine schedule but treats violations of the new § 443-b as violations of Article 12-A subject to the Department of State's existing enforcement authority. Specific implementing regulations and penalty guidelines are expected from the Department of State during the 180-day window between signing and effective date.
Beyond Department of State enforcement, the bill's explicit framing of fair housing concerns creates additional exposure pathways. A violation that produces a Fair Housing harm — even unintentionally — can give rise to claims under the federal Fair Housing Act, New York Executive Law § 296 (the state Human Rights Law), and applicable local Fair Housing protections (most prominently the New York City Human Rights Law). These claims carry their own penalty structures, including compensatory damages, punitive damages, and civil penalties up to $250,000 per violation under city Fair Housing law.
The LSDR was built to be the audit-defense artifact. For New York specifically, the Fair Housing dimension makes contemporaneous documentation even more critical: a broker challenged on whether private marketing produced a discriminatory pattern needs to show not only that the seller signed the opt-out form but that the broker explicitly walked the seller through the Fair Housing constraint and documented the seller's understanding. The LSDR is the structured place to capture that conversation. Without it, the broker's defense rests on recollection of conversations that may have happened months or years before the challenge arose.
For a New York broker operating after S10274's effective date, a defensible private-listing file has three components:
The seller signs the state form. The LSDR captures the deliberation behind that signature. The MLS-specific paperwork addresses the listing's handling within the MLS's own distribution rules. All three are produced together when documentation is challenged. The state form proves the procedural disclosure occurred. The LSDR proves the consent was meaningfully informed. The MLS paperwork proves the listing's MLS handling complied with the MLS's own rules.
Brokers who operate across the New York-Connecticut tri-state region — particularly in Westchester and Fairfield counties — will encounter both laws and should understand the differences.
For a multi-state broker, the practical consequence is that the LSDR's per-licensee configuration must accommodate each state's specific requirements. A brokerage operating in both states would maintain separate state-specific configurations — different practice statements, different consent form references, different timing language — but the underlying deliberation structure and signature workflow remain the same.
Has Governor Hochul signed S10274 yet?
As of early June 2026, the bill has passed both chambers of the New York State Legislature and has been delivered to Governor Hochul. She has not yet signed it. This page will be updated when signing or veto occurs. Brokers should treat the bill as likely-to-become-law given its broad legislative support and the parallel signing of Connecticut's SB 340 by Governor Lamont in late May 2026.
When would S10274 take effect if signed?
The bill provides for an effective date of 180 days after it becomes law. If Hochul signs in June 2026, the law would take effect in December 2026. If she signs later in the summer, the effective date pushes into early 2027. The 180-day window is intended to give the Department of State and brokerage industry time to prepare for compliance and to allow the standardized disclosure form to be finalized.
What is the one calendar day requirement?
Under the proposed Real Property Law § 443-b, within one calendar day of the start date of a written listing agreement, the listing agent must publicly advertise or market the listing on at least one platform that is broadly accessible to the general public and to any licensed real estate broker representing prospective buyers. The trigger is the listing agreement signing, not the first marketing activity. Brokers cannot quietly hold a listing for a week or two while shopping it through a private network and then publicly list — the public-listing requirement attaches the day after the agreement is signed.
What platforms count as "broadly accessible to the general public"?
The bill defines this carefully. A platform must not require payment, must not require a consumer to work with the listing brokerage to view the property information, and must be broadly accessible to the general public AND to any duly licensed real estate broker representing prospective buyers, without limitation to a particular brokerage, franchise, or private network. This definition is intended to exclude brokerage-internal private listing networks (such as Compass Private Exclusives or eXp's off-market platform), franchise-restricted networks, and any platform requiring registration with the listing brokerage to view.
How does the New York opt-out form differ from Connecticut's?
Connecticut's SB 340 directs the Connecticut Real Estate Commission to promulgate the standardized disclosure form. New York's S10274 includes the boilerplate disclosure form text directly in the bill itself. The New York form requires the seller to specifically acknowledge two things: that withholding a listing from public marketing may reduce visibility and may result in a lower sales price, and that discrimination against any class protected under federal, state, or local Fair Housing law is prohibited. The Fair Housing acknowledgment is the most substantive difference from Connecticut and reflects the legislative concern that private listing networks have been used to selectively limit buyer access in ways that may produce discriminatory outcomes.
Does S10274 apply to all New York MLSes?
Yes. The law does not target any specific MLS. It applies to listing agents and listing brokers regardless of which regional MLS they participate in — REBNY's Residential Listing Service (RLS), OneKey MLS (the merged Long Island and Westchester/Hudson Valley MLS), Hudson Gateway, the Greater Capital Association of REALTORS MLS, and others. Brokers in each region will need to maintain compliance through their respective MLS's listing input procedures and the state-prescribed opt-out form.
Where does the Listing Strategy Decision Record fit?
The LSDR is a configured deliberation artifact that pairs with the S10274 opt-out form. The form satisfies the statutory disclosure requirement; the LSDR documents the substantive deliberation behind the seller's signature on the form — including the Fair Housing considerations the New York form specifically requires the seller to acknowledge. Brokers maintain both as part of a defensible private-listing file.
Generate a configured deliberation record for your brokerage. State-specific MLS data, your firm's name and stated practices, Fair Housing acknowledgment in the deliberation flow, dual signatures, build-fingerprint timestamp. The artifact that pairs with the S10274 opt-out form.
Start configuration → See pricing →Sources cited. New York State Senate, Senate Bill S10274, 2025-2026 Regular Session (Sponsor: Sen. Fernandez). New York State Assembly, Assembly counterpart bill, 2025-2026 Session. New York Real Property Law, Article 12-A, § 443 (existing agency disclosure framework). New York State Department of State, Division of Licensing Services (regulatory authority). New York Executive Law § 296 (state Human Rights Law / Fair Housing). New York City Human Rights Law (local Fair Housing). Coverage: HousingWire (June 2, 2026), RealEstateNews.com (June 1, 2026), RISMedia (April 15 and June 2, 2026). This page is for informational purposes only and does not constitute legal advice. Brokers should consult counsel for guidance on compliance with S10274 as applied to their specific practice and the MLS(es) in which they participate.