After more than two years of dormancy, the enforcement arm of Attorney General Cuomo's real estate bureau is being revived, Mr. Cuomo said in an interview yesterday.
The attorney general's office has put forward a bill that would raise the maximum fee for reviewing offering plans to $30,000, a 50% increase. If the bill, which would affect only larger developers, passes next year, the new revenue will be used to add staff to the Real Estate Finance Bureau.
Cuomo Breathes New Life Into Real Estate Bureau
Real estate attorneys say that, since 2005, they have been unable to get the office to follow through on complaints filed against developers who refuse to fix buildings with shoddy construction.
The attorney general's office has the authority to litigate and mediate disputes with developers who commit fraud under the Martin Act, the law that allows the office to investigate and prosecute companies that issue stock fraudulently.
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