Effective: October 1, 2016
Simplifies the disclosure law by focusing disclosure on unrepresented consumers. The current law requires licensees to provide agency disclosure to consumers who are already represented by other licensees and have already had agency information provided to them. The proposed changes would eliminate some of this redundant disclosure except when a consumer is not represented by an agent in the transaction. In addition, the proposed changes would simplify agency discosure at open houses by requiring a seller's agent to post information about the agent's representation rather than giving out a disclosure form to buyers that visit the property. Finally, the bill eliminates the "statutory presumption" of buyer agency so that there is only one category of "buyer agent".