SF 2291: Relating to real estate brokers and brokerage agreements

What it does

This bill relates to real estate brokers and brokerage agreements. The bill includes in the current definition of a real estate broker a person acting for another for a fee, commission, or other compensation or promise who prepares buyer’s representation agreements, including any modifications, amendments, or addendums. “Buyer’s representation agreement” is defined by the bill. The bill requires a licensee, when providing brokerage services to a client, to treat all parties to a transaction with honesty and good faith, disclose to each party all material adverse facts as laid out in the bill, and to account for all property coming into the possession of the licensee that belongs to any party within a reasonable time.

Lobbying · 1 for, 0 against

For: Iowa Association of Realtors

In plain words

1. February 8, 2024Filed in the Senate
2. February 8, 2024Approved by the Senate committee
3. February 20, 2024Passed the Senate, 46–0
4. February 27, 2024Took the place of HF 2552 on the House floor (the same legislation)
5. February 27, 2024Passed the House, 97–0
6. April 18, 2024Sent to the Governor
7. April 19, 2024Signed into law