Credit: Andrey Popov/Adobe Stock The Real Estate Consumer Protection Enhancement Act Brings Industry Change
"Real estate professionals should take extra care to educate themselves and to comply with the provisions of the Act, recognizing the potential for increased exposure and liability," writes Iram P. Valentin.
October 02, 2024 at 10:18 AM
9 minute read
On May 9, 2024, bill S3192/A4454, also known as the Real Estate Consumer Protection Enhancement Act (Bill), was introduced in the Senate and referred to the Senate Commerce Committee. On May 13, 2024, the Senate Commerce Committee reported favorably on the Bill, noting in part that, "This bill incorporates certain protections for consumers regarding residential real estate transactions and certain aspects of commercial real estate transactions." The bi-partisan-sponsored legislation passed the Senate by a vote of 37-0 on May 20, 2024; the Assembly by a 76-0 vote on June 28, 2024; and both Houses by a vote of 40-0 on June 28, 2024. Gov. Phil Murphy signed the bill into law on July 10, 2024. It is codified at N.J.S.A. 45:15-16.86, et seq. (Act) and pursuant to N.J.S.A. 45:15-16.100, The New Jersey Real Estate Commission is authorized to promulgate regulations pursuant to the Administrative Procedure Act "to effectuate the purposes of the Act, including regulations to address other types of agency or business relationships for real estate brokerage firms." The Act went into effect on Aug. 1, 2024.
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