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Friday, July 15, 2011

Arizona Department of Real Estate-Informational Alert- MARS Ruling

 

ARIZONA DEPARTMENT OF REAL ESTATE-INFORMATIONAL ALERT

2011

July 15, 2011

 

COMMISSIONER LOWE ANNOUNCES CHANGES TO MARS RULING-

 

The Department has been monitoring closely the Federal Trade Commission (FTC) Mortgage Assistance Relief Services (MARS) Rule and its affect on the real estate licensees.  Today, the FTC issued a press release- FTC WILL NOT ENFORCE MANY OF THE PROVISIONS OF MARS RULE AGAINST REAL ESTATE PROFESSIONALS HELPING CONSUMERS OBTAIN SHORT SALES". 

 

The direct link to the FTC Press release/enforcement policy: http://www.ftc.gov/opa/2011/07/mars.shtm

 

Remember- the Arizona "Short Sale Negotiator Regulations" issued by the ADRE on February 15, 2011 remains in effect, as well as the requirements of A.R.S. §32-2155 which states:  Restriction on employment or compensation of person as broker or salesperson

C. A real estate broker or real estate salesperson shall not collect compensation for rendering services in negotiating loans secured by real property unless all of the following apply:

1. The broker or salesperson is licensed pursuant to title 6, chapter 9 or is an employee, officer or partner of a corporation or partnership licensed pursuant to title 6, chapter 9.

2. The broker or salesperson has disclosed to the person from whom the compensation is collected that the broker or salesperson is receiving compensation both for real estate brokerage, when applicable, and for mortgage broker services.

3. The compensation does not violate any other state or federal law.

 

To review these Regulations, the direct link is: http://www.azre.gov/PublicInfo/Documents/Short_Sale_Negotiator_Regulations.pdf

 

 

 

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