Editor’s Note: The RISMedia series Legislative Round-Up looks at pending and passed federal and state-level legislation that impacts real estate professionals.
Housing omnibus bill one step closer to passage
The U.S. Senate has advanced the latest version of the omnibus 21st Century ROAD To Housing Act by a vote of 87-8. A roll-call vote to advance the bill is currently scheduled for Monday, June 22. The bill has seen back-and-forth revisions between the House and Senate, but the ultimate crux of the bill is to spur more housing construction, with many changes to federal guidelines and local incentives.
One state, California, is already preparing for the bill to pass and considering its own complementary legislation. If the 21st Century ROAD to Housing Act becomes law, this bill would authorize California officials to coordinate with federal agencies on the implementation of the law.
NY considering increasing supervision period for prospective brokers
New York is currently considering a bill that would double the required “supervision period” to become a real estate broker. Under current New York state law, a broker applicant must have worked as a licensed real estate salesperson under a broker for two years. This revision would raise that to four consecutive years. The alternative, that an applicant “has had the equivalent experience in general real estate business for a period of at least three years,” is left unchanged.
Of the four sponsors of the state senate’s version of the bill, three are Democrats and one is a Republican. The sole sponsor of the bill in the state assembly is a Democrat.
A bill of this nature was previously considered from 2023-2024, which would’ve raised the period from two to five years. This iteration did not advance.
Ohio considers updating rules for property foreclosures and estate sales
The Ohio legislature is considering a bill that would update rules governing foreclosures, estate sales and property appraisals thereof. Under this bill, exterior-only appraisals of residential properties would be allowed. New provisions would also be introduced for public property auctions, such as a rule that private selling officers must be independent of the property’s mortgagees and law firms involved in the property, and that online auctions must be open for bidding for at least three calendar days.
The bill—which has seven sponsors (six Republicans and one Democrat) has passed the State Senate and been referred to committee in the House.
