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Weekly Report

Weekly Report for August 5, 2022

Clarification on effective dates for new CE changes
On July 20, the Department of State published proposed rule making updates to implement recent changes in education standards for the real estate salesperson qualifying course, which were signed into law by Governor Hochul last December. Under the new law, individuals taking the real estate salesperson qualifying course will be required to take 2 additional hours of pre-licensing education in fair housing; and individuals taking the real estate brokers qualifying course will be required to take an additional 32 hours of pre-licensing education of which 10 hours are devoted to fair housing. Instructors will also be required to submit electronically to the DOS an affirmation of compliance pertaining to the instruction of the established curriculum. The anticipated effective date of these new regulations is December 21, 2022. DOS will be holding one public hearing for comment on these regulations on September 21, 11:00 a.m. at 123 William Street, 2nd Floor, New York. Read more here.

Additionally, licensees are required to take 2 hours of implicit bias and 2 hours of cultural competency education within the existing 22.5 hours of required continued education, which will go into effect September 21, 2022.

New York estimates budget gap in coming years due to economic slow-down
The Division of Budget this week projected a multi-billion budget gap in the coming years due primarily to a reduction in personal income tax estimates and the recent economic downturn. A budget gap means that estimated revenue from state taxes will not be enough to meet state spending expectations. The state estimates a $310 million budget shortfall by 2024 and $3.6 billion shortfall by 2025. The state, however, currently holds roughly $9 billion in a reserves. Read the state’s Quarterly Update and financial plan overview here.

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