The Washington Report covers legislative and regulatory policy activities, and is compiled by NAR's Government Affairs policy staff. To receive this content via email, subscribe to NAR's Weekly Report newsletter and check the "legislative & regulatory issues" box.
Some NAR members have received communications from servicers, such as Bank of America, that dual agency is not allowed in FHA short sales transactions. This is not correct.
On Tuesday March 11, 2014, Senators Charles Schumer (D-NY, Dean Heller (R-NV) and Kristen Gillibrand (D-NY) introduced S. 2101, a bill to amend the Interstate Land Sales Full Disclosure Act (ILSA) to clarify how the act applies to condominiums.
On March 4, 2014, the House voted 306-91 to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370) with amendments.
On Wednesday, Feb. 26, 2014, House Ways and Means Committee Chairman Dave Camp (R-MI) released his long-awaited discussion draft for comprehensive reform of the tax code.
On Feb. 25, the Senate Banking Committee held Part II in a series of hearings to examine the Terrorism Risk Insurance Act (TRIA) of 2002, which sunsets on December 31, 2014.
On Feb. 26, Senators McCaskill (D-MO) and Rockefeller (D-WV) introduced legislation that will better equip the nation’s top consumer protection agency with the tools needed to crack down on “patent trolls”—companies that buy patents, but then fail to actually produce goods or services, opting instead to intimidate or sue other small businesses.