The Iowa Association of REALTORS had a productive year at the statehouse. Watch the above video for a full breakdown of the session or read a short recap below.
HF475, the unfair service agreement legislation, passed unanimously out of both the Iowa House and Senate and was signed by Governor Reynolds. This legislation bans the predatory 40 year exclusive right to list contracts, which certain brokerages use as a “business practice” to target the elderly, those on fixed income, and low income homeowners by providing a sum of money up front in exchange for their signature on the lengthy agreement. We are proud to have led the way with this legislation and worked with several coalition partners to protect Iowa homeowners from this harmful practice.
HF607, the licensee liability legislation, passed unanimously in the Iowa House and Senate and has been signed by Governor Reynolds. This legislation clarifies the role of licensees providing brokerage services by stating the property owner maintains possession and duty of care for the property and the licensee is only liable, if they are the direct and proximate cause of the harm. This is a HUGE win for our industry and ensures our members can maintain their current business practices and promote property ownership without fear of nuisance lawsuits.
HF432, the HOA legislation, passed out of the Senate and House with an amendment which states that if bylaws or covenants have expired, those rules cannot be enforced. This legislation is a first step in providing transparency and timeliness in real estate transactions involving an HOA by requiring the HOA to turn over requested documents within ten business days of the request and limiting the fees for these documents to the only cost of the production or reproduction of the documents.
Military Homeownership Assistance
IAR was able to help secure an additional $200,000 appropriation to the Military Homeownership Assistance program which will help 40 more veterans achieve the American Dream of homeownership