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NAR approves voluntary restrictions on use of ‘MLS’ term

Board approves up to $15 million in spending to launch NAR credit union

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LAS VEGAS -- The National Association of Realtors board of directors on Friday approved a provision that allows Realtor-affiliated multiple listing services to ban members' use of the terms "MLS" and "Multiple Listing Service" in Web site addresses, company names, e-mail addresses and in other marketing materials. A small group of MLSs has already passed such measures, and a policy adopted by the Regional MLS in Minnesota led to an antitrust lawsuit filed by several MLS members. That lawsuit was settled earlier this year. NAR directors also approved other policies relating to information Realtors must present on their Web sites, and approved spending of up to $15 million to create a credit union for members, association and MLS staff, and their families. In a Wednesday meeting of the association's Multiple Listing Issues and Policies Committee and the MLS Forum, several audience members voiced worries about the adoption of the provision, which would not place any limitations on the use...