LAWS OF NEW YORK, 1997

                          CHAPTER 658
                                
     AN  ACT  to amend the real property law, in relation to eliminating the
requirement that advertisements for the sale or lease of subdivided lands be 
filed with the department of state and a fee paid therefor and requiring
every contract or agreement for the sale or lease of subdivided lands to 
expressly grant an absolute right to cancel.

	Became a law September 24, 1997, with the approval of the Governor.
           Passed by a majority vote, three-fifths being present.

THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND
ASSEMBLY, DO ENACT AS FOLLOWS:

     Section 1. Subdivision 3 of section 337-b of the real property law, as 
amended by chapter 920 of the laws of 1971, is amended to read as follows:

     3. Limitations.  No offer to sell or lease subdivided lands by means of 
advertisements in periodicals or newspapers, or on television or radio, or by
motion picture or otherwise shall be made unless each such advertisement 
contains reference to the fact that an offering statement has been filed with
the department and that a copy of such statement is available, upon request,
from the subdivider.

     §  2. Section 337-b of the real property law is amended by adding a new 
subdivision 9 to read as follows:

     9. The offering statement shall include the following statement in 
easily readable capital letters of not less than nine-point type:  "THE 
OFFEROR HAS FILED ADDITIONAL INFORMATION ON THIS LAND OFFERING WITH THE 
DEPARTMENT  OF STATE PURSUANT TO SECTION 337-A OF THE REAL PROPERTY LAW.  
THIS INFORMATION INCLUDES A DESCRIPTION AND MAPS OF THE PROPERTIES BEING 
OFFERED; A CERTIFICATE STATING IN DETAIL ALL LIENS, ENCUMBRANCES OR CLOUDS 
UPON THE TITLE TO THE LAND; AND STATEMENTS OF ANY PRIOR CRIMINAL
CONVICTIONS OF THE PRINCIPALS MAKING THIS OFFERING WHICH INVOLVED THE
SALE OR OFFERING FOR SALE OF SUBDIVIDED LANDS.  INFORMATION FILED PURSUANT 
TO SECTION 337-A OF THE REAL PROPERTY LAW IS AVAILABLE PURSUANT TO THE 
FREEDOM OF INFORMATION LAW FROM THE DEPARTMENT OF STATE AT THE FOLLOWING 
ADDRESS:  THE DEPARTMENT OF STATE, SUBDIVIDED LANDS  SECTION, ALBANY, NEW 
YORK 12231-0001."

     §   3.  Section 337-c of the real property law, as added by chapter 847 
of the laws of 1974, is amended to read as follows:

     §  337-c.  Right to cancel.  Every contract or agreement for the sale or
lease of subdivided lands shall expressly grant to the purchaser or lessee 
the absolute right to cancel the contract or  agreement within seven days 
following the signing of the contract or agreement, by giving the subdivider 
notice of cancellation at the address listed in the offering statement filed
by the subdivider, by registered or certified mail return receipt requested. 
Within ten days of receipt of such a notice of cancellation  the  subdivider 
shall return to the purchaser or lessee all consideration paid or delivered 
on account of such contract or agreement.

     §  4. This act shall take effect immediately provided, however, that 
sections two and three of this act shall take effect on the sixtieth day 
after it shall have become a law, and shall apply to all offers to sell or 
lease subdivided lands and all contracts or agreements pursuant to such 
offers made on or after such date, and provided, further, that section two of
this act shall not apply to any offering statement which  was filed prior to
such effective date until the date on which a new current statement must be 
filed pursuant to subdivision 8 of section 337-b of the real property law.