SENATE BILL 398

49th legislature - STATE OF NEW MEXICO - first session, 2009

INTRODUCED BY

Mark Boitano

AN ACT

RELATING TO LICENSING; IMPOSING A MINIMUM DUTY ON REAL ESTATE BROKERS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. Section 61-29-10.2 NMSA 1978 (being Laws 1999, Chapter 127, Section 3, as amended) is amended to read:

     "61-29-10.2. LICENSEE'S DUTIES--DISCLOSURE.--

          A. Prior to the time a licensee generates or presents any written document that has the potential to become an express written agreement, the licensee shall give to a prospective buyer, seller, landlord or tenant a list of the licensee's duties that are in accordance with requirements established by the commission.

          B. Licensees shall perform all duties that are established for licensees by the commission.

          C. In addition to duties established for licensees by the commission, a licensee shall provide assistance to the licensee's customers or clients by presenting all offers or counteroffers to customers or clients in a timely manner and by assisting customers or clients in complying with the terms and conditions of the contract and in closing the transaction."

     Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2009.

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