With the housing market taking center stage among the nation's concerns, both Congress and California's State Legislature have enacted significant new laws affecting real estate agents and real estate transactions. Topics of the new laws are below. Highlights of the new laws are summarized here. To view the full text of a California legislative bill, go to http://www.leginfo.ca.gov/.
Late 2008 Laws:
Debt Relief Income Exempt from State Income Tax
Started September 25, 2008
Tenant Victimized by Domestic Violence Can Terminate Tenancy
Started September 27, 2008
Emergency Economic Stabilization Act May Help Homeowners
Enacted on October 3, 2008
Pool Drains Must Be Properly Covered
Starting December 19, 2008
2009 Laws:
DRE Can Discipline Licensee for Inflating BPOs
Beginning on January 1, 2009
DRE Can Suspend Licensee for Acting Against Public Interest or Committing an Offense Involving Dishonesty
Commencing January 1, 2009
Duty to Disclose Agent is Arranging Financing
Starting January 1, 2009
Landlords and REO Lenders Must Take Charge of Abandoned Animals
Effective January 1, 2009
Title Company's Promotional Items and Marketing Reps Regulated
Effective January 1, 2009
No Text Messaging While Driving
Commencing January 1, 2009
Right To Farm Disclosure
Effective January 1st, 2009
DRE License Number Must Be on First-Contact Materials
Effective July 1, 2009
