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Nevada REALTOR Advocate

Cancellation of Contract by Electronic Transmission

Senator Mo DenisSB255, introduced today by Senator Mo Denis, is the bill we have been working on with the Nevada Land Title Association.

Existing law requires a purchaser of a property in an HOA to hand-deliver or mail to the owner a notice of cancellation of the contract of purchase. This bill would authorize the purchaser to deliver a notice of cancellation by electronic transmission.

NVAR supports this bill. It has not yet been scheduled for a hearing.


Property Tax Cap Calculations

AB43, introduced on behalf of the Nevada Association of Counties, would create a floor when calculating the property tax cap put into place in 2005 (commonly refered to as the 3% and 8% caps).

Under current law, the owner-occupied cap (3%) cannot be greater than the commercial and non-owner occupied cap (8%). What most people do not realize is that those caps can further be affected by a little-known formula.

The way this "secondary" formula works (if you're really interested in that complicated mess, reply to this message, we will send it to you), the property tax cap could be 0%, even when property values are going up. This is problematic for local governments, as the revenue stream from property taxes no longer mirror increases in property values and becomes unpredictable.

As amended, AB43 would change this secondary formula to ensure that the lowest the cap can be is 3% instead of 0%. It is important to understand this is a cap, and if property values are increasing by less than 3%, your property taxes will go up by less than 3%. And if your property values are decreasing, your property taxes will still decrease, but at a maximum rate of 3% per year.

NVAR is monitoring this bill. It was heard by the Assembly Taxation Committee on March 9 and received significant support from the business community.


Insurance Companies' Ability to Gift Items

AB244 would allow insurance companies to give items and gifts not to exceed $100. The Division of Insurance previously issued Bulletin 10-005A restricting the giving of items to $20 and requiring that it be branded; this bill would increase the amount to $100.

Assemblywoman Irene Bustamante AdamsWhile the bill as introduced did include title insurers, the Division of Insurance requested that they be removed, as the title insurance industry's inducements are addressed separately in the Division's Bulletin 14-009.

In action earlier today, the Assembly Commerce and Labor Committee chaired by Assemblywoman Irene Bustamante Adams, at the urging of the Lobbying Team, removed the provision involving title insurance. The bill now heads to the floor of the Assembly floor.


HOA Authorized to Abate Water or Sewage Leaks in Units

SB239, introduced by Senator Becky Harris, is an HOA bill. It would revise the definition of "exterior of the unit" for the purpose of determining the areas of a unit that may be maintainted by an HOA that enters the ground in accordance with existing law.

It would also set additional circumstances under which an HOA may, without trespassing, enter a unit that is located in a building that contains units divided by common walls, floors and ceilings:

  • if the unit is vacant or in the foreclosure process (vacant or not), the HOA would be able to enter a unit to abate a water or sewage leak in the unit that is causing damage to the common elements or another unit and to remediate any mold damage resulting from the leak if, after notice and hearing, the unit's owner refuses or fails to do so.
  • if, in the case of an emergency and after notice but before a hearing, three other conditions are met:
    • the unit is vacant
    • a water or seage leak in the unit is causing damage to the common elements or another unit
    • the owner refuses or fails to abate the water or sewage leak and remediate any mold damage within the time specified in the notice

NVAR supports this measure. It has not yet been scheduled for a hearing.


2017 SESSION BY THE NUMBERS

The 79th Session of the Nevada Legislature began on February 6, 2017, and will adjourn sine die on June 6, 2017.

BILLS  
# of BDRs 1126
# of Senate Bills 268
# of Assembly Bills 293
Bills Tracked by NVAR 33
DEADLINES  
3/20 Bill Introductions by Legislators
3/27 Bill Introductions by Committees
4/14 First House Committee Passage
4/25 First House Passage
5/1 Economic Forum
5/19 Second House Committee Passage
5/2 Second House Passage
6/5 Sine Die

March 10, 2017 EDITION

In this issue:

2017 Major Investors

Investment completed as of March 9, 2017. Pledges listed for those who have invested at least $300 as of the above date.

Platinum R ($10,000+)

Jack Woodcock (pledge)

Golden R ($5,000+)

Nancy Anderson
Diane Brown
Ken Gragson
Heidi Kasama (pledge)
Keith Lynam (pledge)
George Peek
Linda Rheinberger 

Crystal R ($2,500+)

Rosa Herwick
Charles Kitchen
Buck Schaeffel

Sterling R ($1,000+)

Forrest Barbee (pledge)
Lee Barrett (pledge)
Chris Bishop (pledge)
Paul Bottari
Joe Brezny
Janet Carpenter
Sherrie Cartinella
Betty Chan
Amber DeLillo
Todd Disbrow
John Graham
Bob Hamrick
Azim Jessa
Soozi Jones-Walker (pledge)
Joan Kuptz
Tim Kuptz
Greg Martin
Penny Mayer
Theresa Meyer
Bobbi Miracle
Cassandra Mor
Carol Murphy
Debbie Primack
Pam Reese
Lillian Spencer
Dave Tina, Jr.
Cherie Williams (pledge)
Judie Woods
Zar Zanganeh
Kamyar Zargari

Association Corporate Investors

NVAR - Platinum R 

RSAR - Crystal R
SNAR - Crystal R 

IVBOR - Sterling R
ECAR - Sterling R


Contact NVAR

For more information, please contact:

Contact Government Affairs Directors

 

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Prepared by Carrara Nevada for the Nevada Association of REALTORS®



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This email is not a solicitation. You have an established and ongoing business relationship with the Nevada Association of REALTORS® (NVAR). NVAR's mission is to strive to enhance the success of its members while protecting private property rights and advocating for its members' interests. NVAR provides services to 15,000 REALTORS® throughout Nevada. NVAR is here to serve you - the professional REALTOR®.

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