Friday, January 02, 2009

New Year, New Laws

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

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