Paul Beakley is a writer based in Phoenix.
State Roundup: California, New Hampshire, and Virginia
August 1, 2003
California: Lawsuit antidote
In an effort to help practitioners protect their businesses against lawsuits, the San Diego Association of REALTORS® is offering a certification in risk management. Practitioners who complete the program’s 50 credit hours can be eligible for a discount on E&O insurance through CRES Insurance Services, also in San Diego, and can receive other services at a discount, including SDAR’s risk management forms, says SDAR.
New Hampshire: Fee proposal sent packing
The New Hampshire Association of REALTORS® helped defeat a bill allowing municipalities to impose impact fees on developers without having to first pass an ordinance. The bill took aim at a state Supreme Court decision that said if a municipality wants to charge developers an impact fee or require offsite improvements, it must first pass an impact-fee ordinance and put in place a capital improvement plan, says Kipp Cooper, NHAR’s government affairs director.
Virginia: Reining in banks
State-chartered banks won the right to enter real estate brokerage in Virginia this year, but lawmakers imposed tight restrictions on them to keep the playing field level for brokers. Under the legislation (H.B. 1930 and S.B. 1194), banks can operate brokerages through controlled subsidiary corporations, but the banks and their subsidiaries are prohibited from tying loan and brokerage services together in any way. There are also restrictions on disclosure of client financial information and where bank subsidiaries can conduct brokerage activities. The legislation took effect on July 1.
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Updated: September 30, 2022