February 22, 1999

Mr. President:

Your PUBLIC AFFAIRS COMMITTEE, to whom has been referred

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

1. On page 6, line 11, after the period, insert "No type of agency relationship may be assumed by a buyer, seller, landlord, tenant or licensee, or created orally or by implication.".

2. On page 6, between lines 22 and 23, insert the following new section:

"Section 4. A new section of Chapter 61, Article 29 NMSA 1978 is enacted to read:

"[NEW MATERIAL] BROKERAGE NONAGENCY RELATIONSHIPS--CREATION.--

A. For all regulated real estate transactions first executed on or before January 1, 2000, a buyer, seller, landlord or tenant using real estate services without entering into an express written agreement will be a customer of the brokerage providing the real estate services, and no agency relationship or agency duties will be imposed.

B. For all regulated real estate transactions first executed on or after January 1, 2000, a buyer, seller, landlord or tenant may enter into an express written agreement to become a client of a brokerage, without creating an agency relationship, and no agency duties will be imposed.

C. The commission shall promulgate rules governing the rights and responsibilities of clients and customers and the rights, responsibilities and duties of the brokerage in a nonagency relationship. All licensees will perform the duties of licensees as prescribed by the commission."".,

and thence referred to the CORPORATIONS & TRANSPORTATION COMMITTEE.

Respectfully submitted,

__________________________________

Shannon Robinson, Chairman

Adopted_______________________ Not Adopted_______________________

(Chief Clerk) (Chief Clerk)

Date ________________________

The roll call vote was 5 For 0 Against

Yes: 5

No: 0

Excused: Boitano, Howes, Stockard, Smith

Absent: None

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