KAR LEGISLATIVE UPDATE
March 30, 2012
REALTOR® VOICE WAS HEARD!!!
KAR represents Kentucky REALTORS® by making the REALTOR® voice heard in Congress and at the State Legislature. The primary concern is protecting the real estate industry’s professional and business interests. The KAR President, Ann McDonald and the Quick Response Team develops a straightforward political agenda to Support and develop legislation that helps the industry, and Oppose legislation that hurts the free transfer of real estate. The QRT reviewed many pieces of legislation this year.
The REALTOR® Voice was heard during the 2012 legislative session and we THANK YOU for making the necessary calls to support legislation that supports the industry! Next week will begin the 10 day veto period with the final day (Sine Die) of the 2012 legislative session being scheduled for April 12th.
The following bills have received final passage and are awaiting the Governor’s signature.
HB 277 - Local Occupational License Tax Forms
HB 277 was created to simplify the process of doing business in Kentucky. The bill requires the secretary of State to create a standard form to be used by all local tax districts for the filing of returns of net profits, gross receipts and occupational license taxes.
Supported by KAR
HB 409 – Slayer Statute and KY S.A.F.E. Act
HB 409 removes “real estate professionals” from making reasonable efforts to advise their clients of the Slayer Statute. A floor amendment was added to make provisions to the KY S.A.F.E. Act. This amendment allows a natural person including all entities owned in whole or part by that natural person to make 4 loans each calendar year.
Introduced and supported by KAR. KAR and the Home Builders Association of KY worked together to pass the legislation for the housing industry. We would like to thank Rep. Danny Ford, Rep. Tommy Thompson, and Rep. Joni Jenkins and many other legislator licensees for their support of this legislation.
HB 425 – KREC Recovery Funds
HB 425 makes changes to the current statutory purposes of the real estate education, research, and recovery fund; broaden the purposes of the fund to include benefiting those seeking a license, licensees, and consumers served by licensees.
Introduced by KREC and supported by KAR
HB 433 – Condominium Act
HB 433 made many necessary changes and updates to the KY Condominium Act. KAR’s Quick Response Team was very involved with this legislation and was able to work to place a cap on the fee an association can charge for the resale certificate.
Supported by KAR.
HB 533 – Private Transfer Fees in the Senate
HB 533 is consumer protection legislation that protects homeowners from hidden fees when buying and selling a home. These fees provide no benefit to buyers or communities while decreasing housing affordability.
Introduced and supported by KAR. We would like to thank Rep. Fred Nesler for sponsoring this consumer protection legislation!
Federal Activity
National Mortgage Settlement and REALTORS® - 5 Quick Takeaways: On Monday, March 12, 2012, the federal government released details of the $25 billion dollar national mortgage settlement stemming from improper foreclosures and other deceptive practices in the origination and servicing of mortgages.
The agreement with Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Citigroup Inc., and Ally Financial Inc. (formerly GMAC) is designed to provide eligible homeowners with relief as well as prevent future abuses. Along with billions of dollars of relief for homeowners, the servicers are required to implement across-the-board servicing standards meant to improve borrower communication and provide servicing consistency among five of the largest servicers. Read more
Rally to Protect the American Dream: Please make sure to take a few minutes to visit the Rally website: www.realtorrally.org and register to attend the Rally. Registration for the Midyear Meeting does NOT constitute registration for the Rally. As thousands of REALTORS® will be gathering on Capitol Hill on May 17, registration is required for you to obtain credentials and a rally t-shirt. You will also find additional information about the Rally on this website, and it will be regularly updated with schedules and speaker information as we get closer to Midyear.
MidYear Meeting Registration: Registration for NAR’s annual MidYear Meeting is now open. Please make sure you register right away and get your hotel room arranged, as hotels are filling up. More information, including how to register, is available on REALTOR.org: http://www.realtor.org/midyear.nsf Please note that you must follow all the way through and request your hotel room. If you skip this step, a hotel room will not be reserved for you.
Please contact asanford@kar.com if you have questions or comments regarding KAR’s legislative activity.
