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Saturday, July 08, 2006
Ind. Law - A second Indiana newspaper reports on Indiana's new anti-discount real estate brokers law
The lastest issue of the Indianpolis Business Journal, out today, has a report by Tracy Donhardt, headlined "New law provides Realtors an edge: HomeYeah! packs up after low-cost brokers get service mandates." Some quotes from the lengthy story:
A new state law backed by Realtors that critics say stifles cut-rate competition already has prompted a discount brokerage, California-based HomeYeah!, to shutter its operations here.Here is a list of some of the earlier ILB entries on this new law. The most recent ILB entry, quoting from a Wall Street Journal story and a Washington Post story on these new, anti-competition laws, is here, from July 2nd.The law, which went into effect July 1, spells out minimum services all licensed residential real estate brokers must offer, regardless of whether customers want to pay for the services.
Realtors, who are members of the National Association of Realtors, say the law helps ensure brokers provide clients the help they need to navigate the complex home-buying process. But critics say Realtors are trying to suppress competition to protect the 7-percent commission they typically collect on home sales.
[Update] See this post from Advance Indiana.
Posted by Marcia Oddi on July 8, 2006 01:55 PM
Posted to Indiana Law