Government Affairs News

MAR represents Maryland REALTORS® by making your voice heard in Congress and at the State Legislature. Our primary concern is protecting your professional and business interests. Our Legislative and Public Policy Committees develop a straightforward political agenda to:

Support and develop legislation that helps our industry, and
Oppose legislation that hurts the free transfer of real estate.

The Legislative Committee typically reviews over 120 pieces of legislation and regulations each year.

Annapolis Update

Click on the following link for a review of MAR's Legislative Activities during the work week of February 1st.

Video Link

Summary of Federal Short Sale Program and FAQs

NAR has issued a new brochure to help members understand the new Home Affordable Foreclosure Avoidance Program (HAFA) that takes effect on or before April 5, 2010. The purpose of the program is to help homeowners, who are unable to retain their homes under the Home Affordable Modification Program (HAMP), to exit gracefully through a short sale or a deed-in-lieu of foreclosure instead of absolute foreclosure.

Maryland AG Doug Gansler Says No to Tax on Forgiveness

Maryland Attorney General Doug Gansler has released an Opinion about some local jurisdictions collecting transfer tax on forgiven debt in a short sale transaction. The opinion concludes that the forgiven portion is not consideration. Click below for more information.

The FHA Announces Changes to Ensure its Long-Term Financial Soundness

Summary of changes: 1) HUD will allow the financing of the upfront Mortgage Insurance Premium (MIP), which will be raised from 1.75 to 2.25% ; 2) There will be a FICO floor - scores below 580 will require a 10% down payment; scores over 580 will keep the minimum downpayment at 3.5%. These changes were announced in a Mortgagee Letter dated January 21. The increased upfront fee will be effective in the spring; the changes in FICO scores are effective immediately. 3) FHA will seek legislation to increase the annual premium .55%. Click 'Read More' for NAR's Issue Brief and further explanation...

Summary of Federal Homebuyer Tax Credit

12/22/2009

The $8,000 Federal Homebuyer Tax Credit has been extended until April 30, 2010. New provisions have also extended a $6,500 tax credit to certain repeat homebuyers. Click below for a chart comparing the tax credits as well as a Frequently Asked Questions document.

MAR News from the Maryland Real Estate Commission

10/29/2009

The Commission held its regular scheduled monthly meetings on September 30 and October 29, 2009. Usual topics were addressed dealing with Complaint Log Status, Current Licensee Counts, as well as Continuing Education Guidelines. Additionally, this article discusses in detail other issues that were raised such as disclosure of non licensee employment relationships; electronic brokerage offices; earnest money deposits; whether or not to attend a buyer’s home inspection; consumer protection & licensed vs. non licensed property managers and a brokers' ability to charge administrative fees.

Real Estate Brokers under the “Red Flags Rule” of Identity Theft Prevention

10/28/2009

In 2003, Congress enacted the Fair and Accurate Transactions Act (“FACTA”) which made sweeping changes to the Fair Credit Reporting Act in an effort to combat the growing problems of identity theft. The Red Flags Rule has a broad scope that applies to many different types of businesses and organizations, including, under circumstances, real estate brokerage. This article will help you navigate through this complex law, which the FTC will enforce beginning November 1, 2009.

Broker Involvement Program - REALTORS RESPOND!

10/28/2009

Broker Involvement Program

Policy goals like the extension of the first-time homebuyer tax credit can’t happen without strong political advocacy by brokers and agents. NAR has launched a program that allows brokers to forward calls-for-actions to their agents. NAR uses the broker’s logo and send the e-mails out under the broker’s signature. The broker is only required to approve the e-mail before it is sent out. That’s it! The strength of our trade association is our members: over one million strong nationally, and over 25,000 in the State of Maryland. Sign up for NAR’s Broker Involvement Program, and help your REALTOR^® associations turn our numbers into policy success! Sign up online at: www.realtoractioncenter.com/realtors/brokers/enrollment.html.

2009 Real Estate Laws

05/20/2009

Governor Martin O’Malley held his final bill signing of 2009 on Tuesday May 19^th. Among the hundreds of bills signed by the Governor, are some that will affect real estate licensees and homeowners. Click on the link below for a brief overview.

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