BrokerageIndustry News

Michigan minimum-service real estate bills moving forward

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A proposal to require real estate agents and brokers to provide a specific set of services for their clients is moving forward in the Michigan Legislature, despite opposition from the U.S. Department of Justice, the U.S. Federal Trade Commission and a state regulatory agency. House Bill 4849 and House Bill 4850, companion bills that passed a state Senate committee in a 4-0 vote Wednesday, provide that real estate licensees who enter into service agreements with clients must provide certain services for that client, including acceptance and delivery of offers and counteroffers; assistance in developing, communicating, negotiating and presenting offers, counter-offers and related documents or notices; and furnishing or causing to be furnished a complete and detailed closing statement. In October 2005, after the Michigan state House of Representatives voted 105-3 to pass the bills, the Federal Trade Commission and Justice Department sent a letter to a state Senate committee chairman and ...