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.

House of Delegates Passes Real Estate Commission Bills

The Maryland House of Delegates passed legislation, HB 83 and HB 406, sought by the Maryland Real Estate Commission. The bills address continuing education and real estate teams.

House of Delegates Passes MAR Septic Legislation

The House of Delegates passed legislation sought by the Maryland Association of REALTORS® and sponsored by Delegates Veronica Turner (Prince George's) and Pam Beidle (Anne Arundel) which will improve the Septic Law passed last April.

MAR 2010 Bill Tracker

02/20/2010

MAR Legislative Committee meets every Monday during Session unless otherwise noted. Click Read More to review MAR's Legislative Committee Bill Positions...

FDIC Provides Additional Information on its Loss Share Agreement With OneWest Bank

In response to NAR's inquiry regarding the viral video circulating amongst the real estate community about the FDIC's loss sharing agreement with OneWest (successor to IndyMac Bank), the FDIC has totally refuted the charge that its agreement has disadvantaged short sales.

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.

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