Editor’s Note: The RISMedia series, Legislative Round-Up looks at pending and passed federal and state-level legislation that impacts real estate professionals.
H.R. 5419: Direct Seller and Real Estate Agent Harmonization Act
Introduced to the U.S. Congress in September 2023, the bill if passed would amend the Fair Labor Standards Act of 1938 to clarify that real estate agents and direct sellers do not fit the legal definition of “employee.” The legislation, supported by NAR, would protect REALTORS®’ independent contractor status.
1682: Housing Supply Expansion Act
Introduced to the U.S. Senate in May 2023, the bill would amend Davis-Bacon (1931 law that public works must pay local prevailing wages) by changing how “prevailing wages” are determined and creating an opening for circumstances where this requirement could be waived. The bill’s stated goal is to incentivize construction projects and create more affordable housing units by “freeing up capital.”
Signed into law on June 26, 2023 (and effective April 1, 2024), this bill implements recommendations by the Connecticut Department of Consumer Protection concerning real estate licenses. The text of the bill provides new definitions of pertinent terms (“Designated buyer’s agent,” “Real Estate Broker,” “Transaction” etc.) under Connecticut state law.
New York S2964A Fairness in Cooperative Homeownership Act
Introduced in January 2023, the bill would standardize the application process for cooperative apartments in New York state. The bill’s written intent is to “improve the transparency of the cooperative purchase process to the benefit of all parties involved in the transaction.”
Introduced in January 2023, the bill would explicitly define a real estate team as “two or more persons associated with the same real estate brokerage who hold themselves out or operate as a team.”
Interested in coverage of other bills and policy affecting real estate professionals? Email Associate Editor Devin Meenan at dmeenan@rismedida.com.
