Agency Responsibility Act Signed into Law

The Agency Responsibility Act was signed into law. The passage of the legislation, now Public Act 90 and 91 of 2008, is a huge accomplishment for the MAR, and its success has been years in the making.

The ARA legislation is a product of a MAR Public Policy Task Force assigned with the task to provide a framework for consumer protection to all individuals entering into an exclusive agency relationship. As a regulated industry, there is an expectation from consumers that laws have been established to protect them from brokers that would take advantage of them. The ARA model clearly defines those basic duties and services owed under an exclusive agency agreement and provides for a uniform state wide disclosure form when the consumer and broker choose to waive any of those services. The implementation date for a revised agency disclosure form as well as the check-off waiver is July of this year. The MAR has already started the process to update the forms.

Representative Tonya Schuitmaker (R-Lawton) and Representative Barb Farrah (D-Southgate) introduced the two-bill bipartisan package on behalf of the real estate community. The MAR Public Policy team met with legislative leaders on both sides of the aisle to stress the importance of passing the bills in order to promote homeownership while keeping industry standards high.

A white paper detailing the use of the new form and the changes in the disclosure of agency relationship form will made available to membership soon.

Get Involved!

MAR has several committees and opportunities for members to take action and make a positive difference for their business. The best way to get involved is through RPAC. Click here for more information.