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Washington Report

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.

June 19, 2015
The Federal Communications Commission adopted a rule giving telephone companies wider latitude in preventing robocalls and spam text messages to consumers on both landline and wireless phones.
June 19, 2015
On June 19, 2015, Regulation A+ took effect. Regulation A+ is part of the rulemaking that encompasses the JOBS Act of 2012, which is designed to increase capital-raising opportunities for small businesses. Regulation A+ makes it easier for small businesses to raise capital by removing many of the regulatory compliance hurdles that had been in place previously. The new rules will allow companies to raise up to $50 million under Regulation A, which is a less-complicated route in terms of compliance and administration.
June 19, 2015
At a hearing of the House Oversight Committee, FAA Deputy Administrator Michael Whitaker offered the most specific date yet on the anticipated date of completion of the rules governing the commercial use of drones. Whitaker said that the agency was pushing for the rule to be finalized by mid-2016. The proposed rule was issued in February 2015 and the public comment period closed in April 2015. Many industry watchers were guessing that it would be at least 2017 by the time the rule was finalized.
June 19, 2015
The Federal Aviation Administration (FAA) has begun to issue waivers for some drone operators to legally and commercially operate. There are over 200 companies with real estate related purposes that have the waivers and can operate legally.  Without a waiver from the FAA, commercial use of drones is prohibited. The waivers are issued through Section 333 of the FAA Modernization Act of 2012 and are known as Section 333 waivers. NAR has created a list of operators who offer photography, inspection, appraisal and other real estate services using drones. The list is not an endorsement of any operator, it is a restatement of information that is publicly available from the FAA.
June 19, 2015
The Department of Veteran’s Affairs (VA) provided LoanSafe Appraisal Manager (LSAM), a new automated appraisal review tool, to all VA lenders.  The VA expects the tool to help lenders quickly assess appraisal risk for VA policy compliance violations, over/under-valuations, and appraisal quality issues.  LSAM does not provide an estimate of value or make decisions for the lenders.  In addition, LSAM does not accept or reject appraisals or characterize them as good or bad.

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