Legal Q & A: New Rules & Regs for 2009

During the last legislative cycle, a number of bills were passed that have some direct or indirect impact on real estate and the way we conduct our business. There are new disclosure requirements, including displaying your DRE license #; a number of housing relief, refinance and IRS regulations were implemented; changes were made to the way FIRPTA information is disclosed; and of course we can no longer chatter along with our cell phones up to our ears nor can we text while driving. Here’s just a few:

 

2009 New Federal and State Statutes and 2008 Voter-Passed Initiatives
including statutes passed the end of 2008

 

  • SB 1461  DRE License Number on Ads (eff. 7/1/09)  
  • AB 2881  Proximity to Farm or Ranch (eff. 1/1/09) 
  • SB 1595  Owner/Tenant Responsibilities in State Responsibility Area;¦lt;br /> Changes Criteria of High Fire Hazard Severity Zone (eff. 1/1/09) 
  • Proposition 99  Restriction on Eminent Domain in reaction to Kelo v. City of New London (passed 6/3/08) 
  • SB 1137  Notices to Tenants & Owner-Occupants; REO Lender/Trustee’s Sale Purchaser Obligations (eff. 7/8/08 and 9/9/08) 
  • SB 1511  HOAs Request/Notification of NOD  (eff. 1/1/09)
  • H.R. 3221  Housing and Economic Recovery Act/ HOPE for Homeowners Program (eff. 7/30/08)  
  • H.R. 1424 Emergency Economic Stabilization Act of 2008 (eff. 10/3/08) 
  • SB 1065  Cities/Counties May Use Revenue Bonds to Make/Purchase Home Mortgages (eff. 1/1/09 thru 1/1/12) 
  • AB 2052  Victim of Domestic Violence & Termination of Tenancy (eff. 9/27/08 thru 1/1/12) 
  • AB 2949  Landlords/REO Lenders and Abandoned Animals  (eff. 1/1/09)
  • SB 28  No Text Messaging When Driving (eff. 1/1/09)  
  • H.R. 3221  “FIRPTA Fix” (eff. 7/30/08) 
  • SB 1055  Conforms California income tax law with federal law as to mortgage debt forgiveness (eff. 9/25/08)

 

For a complete rundown of ALL the new rules and regs please visit: http://www.car.org/legal/2009-new-laws/

 

Copyright© 2008 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Permission is granted to C.A.R. members only to reprint and use this material for non-commercial purposes provided credit is given to the C.A.R. Legal Department. Other reproduction or use is strictly prohibited without the express written permission of the C.A.R. Legal Department. All rights reserved.

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