PPAR Government Affairs
PPAR Mission Statement:
“The Pikes Peak Association of REALTORS® helps its members to be ethical, professional and successful by providing quality services and protecting the free enterprise system and real property rights.”
PPAR Day at the Legislature – Jan 14, 2015
NAR Submits Comments on Regulatory Relief Bill
On May 21, 2015, the U.S. Senate Banking Committee held a “mark-up” to debate and vote on the “Financial Regulatory Improvement Act of 2015,” legislation aimed at removing some regulatory barriers that are currently restricting credit availability for many Americans. In its letter to Chairman Shelby (R-AL), NAR highlighted the need for Congress to focus their efforts on providing regulatory relief to small community-based financial institutions. Additionally, NAR urged the U.S. Senate Banking Committee to continue to work together to pass bipartisan legislation that will moderate the regulatory burdens faced by small community banks, while maintaining responsible protections for consumers.
REALTORS® Urge CFPB Grace Period for RESPA-TILA
On May 14, 2015, NAR urged the Consumer Financial Protection Bureau to implement a grace period for those seeking to comply in good faith with new rules for loan closing procedures and settlement documents. The Real Estate Settlement Procedures Act and Truth in Lending Act integrated disclosure rule is set to take effect August 1. A trial period with restrained enforcement and liability would allow the industry and CFPB to address implementation issues and minimize costly home closing delays for consumers, said NAR President Chris Polychron in testimony before the U.S. House Financial Services Subcommittee on Housing and Insurance. The implementation date comes in the midst of the busy summer home buying and selling season. Even if only 10 percent of transactions experience closing issues that’s as many as 40,000 transactions a month, according to NAR home sales data. A grace period through the end of 2015 would delay enforcement to the slower winter months when fewer consumers would be negatively impacted. As the CFPB moves ahead with implementation, REALTORS® remain committed to working with the agency and our industry partners so that consumers only benefit from the new rules. To learn more about the upcoming RESPA/TILA implementation, www.realtor.org/respa.
3% Cap Bill Passes House
On April 14, 2015, the House of Representatives passed H.R. 685, “The Mortgage Choice Act” by a vote of 286-140 with 45 Democrats joining the Republicans. H.R. 685 is bipartisan legislation introduced by Representatives Bill Huizenga (R-MI), Gregory Meeks (D-NY), Ed Royce (R-CA), David Scott (D-GA), Steve Stivers (R-OH), Mike Doyle (D-PA), David Joyce (R-OH), Betty McCollum (D-MN) and Stephen Fincher (R-TN) which makes two adjustments to the Truth in Lending Act’s definition of “points and fees” to ensure greater consumer choice in mortgage and settlement services under the CFPB’s Ability to Repay/Qualified Mortgage (QM) rule. Companion legislation is being worked on in the Senate by Senator Pat Toomey (R-PA). NAR continues to work with coalition partners to advance this important legislation in the Senate.
2014 NAR Legislative Year Review
Located just one block from the U.S. Capitol, the headquarters of the National Association of REALTORS® is perfectly positioned to make REALTORS®’ voices heard in Washington, D.C. NAR’s staff uses this physical proximity and its long-standing relationships with legislators to work closely with Congress and regulatory agencies to push forward issues that benefit REALTORS®, the real estate industry and consumers.