Bill Text: IL HR0526 | 2023-2024 | 103rd General Assembly | Introduced
Bill Title: Condemns the actions taken by the National Association of Realtors in order to carry out a scandal that increased profits while hurting consumers.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2024-01-16 - Referred to Rules Committee [HR0526 Detail]
Download: Illinois-2023-HR0526-Introduced.html
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1 | HOUSE RESOLUTION | ||||||
2 | WHEREAS, The members of the Illinois House of | ||||||
3 | Representatives are disappointed to learn of the price fixing | ||||||
4 | real estate scandal that took place in Missouri, Kansas, and | ||||||
5 | Illinois over an unknown amount of time; and
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6 | WHEREAS, The National Association of Realtors (NAR) is at | ||||||
7 | the forefront of this scandal; founded as the National | ||||||
8 | Association of Real Estate Exchanges in 1908, the NAR has | ||||||
9 | grown to be America's largest trade association and is | ||||||
10 | responsible for representing 1.5 million members, including | ||||||
11 | National Association of Realtors's institutes, societies, and | ||||||
12 | councils that are involved in all aspects of the residential | ||||||
13 | and commercial real estate industries; and
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14 | WHEREAS, Home sellers have been awarded $1.8 billion in | ||||||
15 | damages following a ruling by a jury in Kansas City, Missouri | ||||||
16 | that found a conspiracy by the NAR existed to follow and | ||||||
17 | enforce the Cooperative Compensation Rule, meaning home | ||||||
18 | sellers would have to pay more for real estate brokerage | ||||||
19 | services; and
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20 | WHEREAS, The NAR has a code of ethics stating that the | ||||||
21 | group aims to serve consumers in a way that encourages | ||||||
22 | cooperation with each other while furthering their clients' |
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1 | best interests; this scandal is a direct violation of the | ||||||
2 | association's own code and has led many consumers who put | ||||||
3 | their trust in the NAR to be worse off; and
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4 | WHEREAS, The NAR has great power throughout the real | ||||||
5 | estate field, which needs to be respected by its own members; | ||||||
6 | the association is relied on for important steps in citizens' | ||||||
7 | livelihoods in the home selling process and should not abuse | ||||||
8 | this power as it hurts those who it claims to help, the people | ||||||
9 | who are key contributors to their markets; therefore, be it
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10 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE | ||||||
11 | HUNDRED THIRD GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | ||||||
12 | we condemn the actions taken by the National Association of | ||||||
13 | Realtors that increased profits while hurting consumers; and | ||||||
14 | be it further
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