Bill Text: CT SB00029 | 2015 | General Assembly | Comm Sub
Bill Title: An Act Concerning Exclusive Representation Agreements Between Real Estate Brokers Or Real Estate Salespersons And Prospective Purchasers Or Lessees Of Real Property.
Spectrum: Committee Bill
Status: (Introduced - Dead) 2015-02-11 - Public Hearing 02/19 [SB00029 Detail]
Download: Connecticut-2015-SB00029-Comm_Sub.html
General Assembly |
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January Session, 2015 |
LCO No. 2843 | ||
*02843SB00029INS* | |||
Referred to Committee on INSURANCE AND REAL ESTATE |
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Introduced by: |
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(INS) |
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AN ACT CONCERNING EXCLUSIVE REPRESENTATION AGREEMENTS BETWEEN REAL ESTATE BROKERS OR REAL ESTATE SALESPERSONS AND PROSPECTIVE PURCHASERS OR LESSEES OF REAL PROPERTY.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 20-325b of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(a) Each written agreement that is an exclusive representation agreement between a real estate broker or real estate salesperson and a prospective purchaser or lessee of real property shall conspicuously disclose such exclusivity provision.
(b) Each written agreement which fixes the compensation to be paid to a real estate broker for the sale, lease or purchase of real property shall contain the following statement in not less than ten point boldface type or in a manner which otherwise stands out significantly from the text immediately preceding any provision of such agreement relating to compensation of the broker:
"NOTICE: THE AMOUNT OR RATE OF REAL ESTATE BROKER COMPENSATION IS NOT FIXED BY LAW. IT IS SET BY EACH BROKER INDIVIDUALLY AND MAY BE NEGOTIABLE BETWEEN YOU AND THE BROKER."
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
October 1, 2015 |
20-325b |
Statement of Purpose:
To require conspicuous disclosure of exclusive representation provisions in written agreements between real estate brokers and real estate salespersons and prospective purchasers or lessees of real property.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]