5775009 Consumer and Regulatory Affairs, Department of - Notice of Proposed Rulemaking - 17 DCMR 26 (Code of Ethics for Real Estate Brokers, Real Estate Salespersons, and Property Managers), 27 (Real Estate Guaranty and Education Fund Assessment)
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DEPARTMENT OF CONSUMER AND REGULATORY AFFAIRS
NOTICE OF PROPOSED RULEMAKING
The Director of the Department of Consumer and Regulatory Affairs, pursuant to the authority set forth in the Second Omnibus Regulatory Reform Amendment Act of 1999, effective April 20, 1999 (D.C. Law 12-261; D.C. Official Code § 47-2853.10(a)(12) (2012 Repl.)), Mayor’s Order 2000-70, dated May 2, 2000, and Mayor’s Order 2009-11, dated February 2, 2009, hereby gives notice of the intent to adopt, in not less than thirty (30) days from the date of publication of this notice in the D.C. Register, amendments to Chapter 26 (Real Estate Licenses) and Chapter 27 (Real Estate Practice and Hearings) of Title 17 (Business, Occupations, and Professionals) of the District of Columbia Municipal Regulations (DCMR).
This proposed rulemaking would expand a licensee’s ethical obligation to disclose a financial interest in real property to the parties involved in a transaction. Also, this proposed rulemaking would increase the amount of the maximum balance of funds that can be held in the Real Estate Guaranty and Education Fund, which is maintained by the Real Estate Commission for the purpose of providing educational services to real estate licensees and redress to consumers who have been harmed by real estate professionals in the District.
Chapter 26, REAL ESTATE LICENSES, of Title 17 DCMR, BUSINESS, OCCUPATIONS, AND PROFESSIONALS, is amended as follows:
Section 2609, CODE OF ETHICS FOR REAL ESTATE BROKERS, REAL ESTATE SALESPERSONS, AND PROPERTY MANAGERS, is amended as follows:
Subsection 2609.13 is amended to read as follows:
2609.13 A licensee shall disclose in writing to all parties to a real estate transaction any ownership or financial interest in the property that is the subject of the real estate transaction held directly or indirectly by the licensee, an immediate member of the licensee’s family, the licensee’s firm, or a member of the licensee’s firm.
Section 2704, REAL ESTATE GUARANTY AND EDUCATION FUND ASSESSMENT, of Chapter 27, REAL ESTATE PRACTICE AND HEARINGS, is amended as follows:
Subsection 2704.3 is amended to read as follows:
2704.3 The Fund shall, at all times, be maintained with a balance of no less than one million forty thousand dollars ($1,040,000) and not more than five million dollars ($5,000,000).
All persons desiring to comment on these proposed regulations should submit comments in writing to Matt Orlins, Legislative and Public Affairs Officer, Department of Consumer and Regulatory Affairs, 1100 Fourth Street, S.W., 5th Floor, Washington, D.C. 20024, or via e-mail at matt.orlins@dc.gov, not later than thirty (30) days after publication of this notice in the D.C. Register. Copies of the proposed rules can be obtained from the address listed above. The agency can be reached by telephone at 202-442-4400. A copy fee of one dollar ($1.00) will be charged for each copy of the proposed rulemaking requested. Free copies are available on the DCRA website at dcra.dc.gov by going to the “About DCRA” tab, clicking “News Room,” and clicking on “Rulemaking.”
