SB 89 Hearing Moved To April 11
The House Local Government Committee hearing on SB 89 has been moved to Tuesday, April 11. The Local Government Committee meetings begin at 1:30 p.m. We'll keep you posted as developments arise. (SB 89 is discussed in detail in this post.)
I've just gone through SB 89 line by line and compared the revisions to what is shown as current law and I am terribly, terribly disappointed in what is proposed for 38-35.7-102. The replacement totally "guts" the intent of the SB-100 provision. (Perhaps that is the intention of SB-89.)
The SB-100 disclosure in that section is comparatively clear to a buyer. The buyer acknowledges receipt of the governing documents and can never again say "but I never received those". And the buyer is required to sign a receipt to that effect.
The SB-89 disclosure is written in boring legalese with no statement regarding actual receipt of governing documents. It is written to deliberately obscure the facts rather than revealing them to a harried and confused buyer.
And then the SB-89 revision goes on to excuse a licensed broker from compliance until the real estate commission has put out a new form.
I'm disgusted with SB-89. It's clearly designed to foul-up some of the most owner-beneficial provisions of SB-100.
Lou Day