NAR lobbyists are optimistic that the House of Representatives will pass a bill reauthorizing the National Flood Insurance Program set to expire Sept. 30 . The House bill meets all of NAR’s objectives, Jamie Gregory, NAR’s deputy chief lobbyist, told attendees on Monday at NAR’s Leadership Summit for local association executives and presidents held in Chicago. He is hopeful that passage in the House will help spur Senate action to improve its version of the bill. The Senate six-year extension bill does not address access to private market insurance and several other reforms supported by NAR. “The most critical thing is to get the House bill moving,” he said. NAR on Aug. 22 will issue a Call for Action to REALTORS® in support of the critical need for long-term reauthorization of the flood insurance program. Talking points.
The Nevada Real Estate Division issued a letter to licensees informing them of the changes made to the SRPD and the Disclosure Guide. The SRPD now includes disclosures for Conservation Easements such as SNWA’s Water Smart Landscape Program and Solar Panels.
What is a Conservation Easement?
An example of a conservation easement would be the Southern Nevada Water Authority’s Water Smart Landscape Program. You can find the applicable law under Nevada Revised Statutes 111.390-440.
Below is the letter from the Real Estate Division
Please be informed that NRED has posted online the July 2017 revisions of the Seller’s Real Property Disclosure (SRPD) form 547, and the Residential Disclosure Guide (RDG).
Click here to read the entire letter and review all the changes.
The Consumer Financial Protection Bureau has confirmed that it’s customary for lenders to provide real estate agents the Closing Disclosure.
The confirmation was part of a final rule the agency released last week.
Since the closing process was changed about two years ago, lenders have sometimes withheld the closing disclosure from agents out of privacy concerns.
The National Flood Insurance Program (NFIP) is set to expire on September 30th without Congressional action. During the past month, there has been a lot of activity on Capitol Hill surrounding the re-authorization of the NFIP. NAR has been actively engaged in trying to shape various pieces of legislation in accordance with NAR’s flood insurance policy principles(link is external).
Here is the current state of play with just 30 legislative days on the Congressional Calendar before September 30th
The House Financial Services Committee (HFSC) has passed seven different bills each one addressing a different component of the NFIP. NAR supported six of the seven bills and opposed H.R. 2874, “The 21st Century Flood Reform Act” sponsored by Rep. Sean Duffy (R-WI). You can read NAR’s letter to the Committee here.
The HFSC is expected to combine the seven bills that just passed committee, into a complete package for possible consideration by the full House sometime in July.
NAR is currently opposed to this potential House package.
Two other bi-partisan bills have been introduced in the Senate. Sens. Menendez (D-NJ), Kennedy (R-LA), Van Hollen (D-MD), Rubio (R-FL.), Warren (D-MA), Cochran (R-MS), Booker (D-NJ), and Nelson (D-FL) introduced S. 1368, “The Sustainable, Affordable, Fair and Efficient National Flood Insurance Program Reauthorization Act of 2017.”
Sens. Cassidy (R-LA), Gillibrand (D-NY), and Capito (R-WV) introduced S. 1313, “The Flood Insurance Affordability and Sustainability Act of 2017.”
NAR has not taken an official position on either bill.NAR continues to work with the sponsors of both bills to provide feedback on various provisions. It is expected the legislation being crafted by Chairman Crapo and Ranking Member Brown will contain various elements of these two bills.
What’s Next? REALTORS® who talk with Members of Congress during the July 4th Congressional Work Period should convey NAR’s opposition to the current House approach, while asking MOCs to make sure the program does not lapse on September 30th.