AB 33 Would Abolish Department of Real Estate
INDUSTRY NEWS, REAL ESTATE LEGISLATION, REAL ESTATE PRACTICE
April 24th, 2009
A bill working its way through the California Assembly proposes to abolish the Department of Real Estate, the Department of Corporations, the Department of Financial Institutions and the Office of Real Estate Appraisers and replace them with a new Department of Financial Services.
The California Association of Realtors (CAR)opposes the bill primarily because “the function of a real estate licensee is not to provide financial services” according to a news release from CAR’s Virtual Advocate. CAR does not want our business blended with banks, credit unions, consumer finance lenders, pawnbrokers and residential mortgage lenders. Unlike these businesses, real estate agents are individually licensed and have a fiduciary relationship with their clients.
The National Association of Realtors recently prevailed in a long time battle with federal regulators to keep banks out of the real estate sales industry. Merging real estate agents and appraisers under one state department would likely open the door for banks to delve into real estate sales just as national banks had hoped to do the same.
Based on the recent revelations about banking practices that have brought the world economy to the brink of financial catastrophe, the banks have proven they should not be trusted with selling real estate. Combining real estate and financial institutions is a step in the wrong direction.
The bill will be heard by the Assembly Business and Professions committee on April 28th.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
CORNER OF COURT AND PLACER STREETS
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
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