Text: H01434                            Text: H01436
Text: H01400 - H01499                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

House Amendment 1435

Amendment Text

PAG LIN
  1  1    Amend House File 644 as follows:
  1  2    #1.  By striking everything after the enacting
  1  3 clause and inserting the following:
  1  4    "Section 1.  Section 543B.57, subsections 1 and 2,
  1  5 Code 1997, are amended to read as follows:
  1  6    1.  A licensee shall not represent any party or
  1  7 parties to a transaction or otherwise as a licensee
  1  8 unless that licensee makes an affirmative written a
  1  9 disclosure to all parties to the transaction
  1 10 identifying which party that person represents in the
  1 11 transaction.  The disclosure shall be acknowledged by
  1 12 separate signatures of all parties to the transaction.
  1 13    2.  a.  The disclosure required in subsection 1
  1 14 shall be made by the licensee at the time the licensee
  1 15 provides specific assistance to the client, or prior
  1 16 to any offer being made or accepted by any party to a
  1 17 transaction, whichever is sooner.  A change in a
  1 18 licensee's representation that makes the initial
  1 19 disclosure incomplete, misleading, or inaccurate
  1 20 requires that a new disclosure be made immediately.
  1 21    b.  For purposes of this section, "specific
  1 22 assistance" means eliciting or accepting confidential
  1 23 information about a party's real estate needs,
  1 24 motivation, or financial qualifications.  "Specific
  1 25 assistance" does not mean an open house showing,
  1 26 preliminary conversations concerning price range,
  1 27 location, and property styles, or responding to
  1 28 general factual questions concerning properties which
  1 29 have been advertised for sale or lease.
  1 30    c.  A written disclosure shall be acknowledged by
  1 31 separate signatures of all parties to the transaction
  1 32 prior to any offer being made or accepted by any party
  1 33 to a transaction.
  1 34    Sec. 2.  EFFECTIVE DATE.  This Act, being deemed of
  1 35 immediate importance, takes effect upon enactment."
  1 36    #2.  Title page, by striking lines 2 and 3 and
  1 37 inserting the following:  "or salesperson and parties
  1 38 to certain real estate transactions and providing an
  1 39 effective date." 
  1 40 
  1 41 
  1 42                               
  1 43 JACOBS of Polk
  1 44 HF 644.503 77
  1 45 mj/jw/28
     

Text: H01434                            Text: H01436
Text: H01400 - H01499                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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