Bill Text: GA HB315 | 2009-2010 | Regular Session | Comm Sub
Bill Title: Real estate brokers; certain disclosures made in writing; require
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2009-04-30 - Effective Date [HB315 Detail]
Download: Georgia-2009-HB315-Comm_Sub.html
09 LC
35 1496S
The
Senate Judiciary Committee offered the following substitute to HB
315:
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 40 of Title 43 of the Official Code of Georgia Annotated, relating
to real estate brokers and salespersons, so as to require that certain
disclosures be made in writing; to clarify that all valuable consideration
obtained in a real estate transaction shall be disclosed; to clarify that the
amounts of referral fees shall be disclosed; to provide for related matters; to
provide for an effective date; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
40 of Title 43 of the Official Code of Georgia Annotated, relating to real
estate brokers and salespersons, is amended by revising paragraphs (6), (29),
and (35) of subsection (b) of Code Section 43-40-25, relating to violations by
licensees, schools, and instructors, sanctions, and unfair trade practices, as
follows:
"(6)
Accepting, giving, or charging any undisclosed
commission,
fee, rebate,
or
direct profit,
or other valuable consideration on
expenditures made for a principal or any undisclosed
commission,
fee, rebate,
or
direct profit for procuring a loan or insurance or for conducting a property
inspection, or
for any other service related to a real
estate transaction;"
"(29)
Failing to
cause or preventing the disclosure of, on a real estate transaction settlement
statement, settlement document, lease agreement, or management agreement, any
fee, charge, rebate, profit, commission, referral fee, or other valuable
consideration for any service related to such transaction and the recipient of
the consideration;
Reserved;"
"(35)
Failing to obtain a person's
written
agreement to refer that person to another licensee for brokerage or relocation
services and to inform such person being referred whether or not the licensee
will receive a valuable consideration for such referral
and an
estimate of such
consideration."
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.
