Real Estate Finance Bureau


The Real Estate Finance Bureau is charged with enforcing Article 23-A of the General Business Law (the “Martin Act”) and governing regulations that regulate the offer and sale of real estate securities, including cooperative interests in realty, syndications, and intrastate offerings. The Bureau is also charged with ensuring that all broker-dealers of real estate securities register with the Attorney General prior to engaging in any sales activity, including offers, sales, and advertising.

The Bureau is divided into four sections: Review, Enforcement, Records Management, and Public Information. The Review Section is charged with the review of all offering plans, amendments, syndication and intrastate filings, no-action letters, and cooperative policy statements. The Enforcement Section investigates complaints from the public and enforces the Martin Act through the use of civil powers afforded to the Attorney General. When warranted, the Enforcement Section also cooperates with the Criminal Division on Martin Act violations that rise to the level of criminality. The Enforcement Section may also utilize alternative dispute resolution to resolve complaints, in its discretion when appropriate. The Records Management Section processes all broker-dealer registration statements and real estate securities submissions including offering plans, amendments, cooperative policy statements, and no action letters. The Public Information Section handles freedom of information requests. It also provides information to the public such as consumer guides, copies of policies, regulations and statutes, and answers general informational calls from the public.

Complaints about a sponsor may be submitted to the Bureau by completing the Bureau Complaint form.

A directory listing of the Bureau staff is also available.