IAR 2014 Legislative Conference

The SIAR Leadership Team attended perhaps the coldest conference ever, with temperatures dipping to -7 degrees, and -25 degree wind chills.  Schools and businesses were closed, but the legislature was in session and we forged ahead with our agenda. 

At a panel discussion which included state government officials, we learned valuable information regarding the following issues:

Flood Maps are available for review at msc.fema.gov  There is an increase in flood plain insurance premiums, and an elevation study may or may not help avoid paying for flood insurance.  Even if a property is granted a LOMA, letter of map amendment, the lender may still require flood insurance.  It was also noted that many homes flooded are outside the 1% chance annual flood area.  Rates for flood insurance for homes outside the flood plain are very reasonably priced.  It was advised that someone considering getting an elevation study should check the public records to find out if a nearby property has been surveyed. 

IPLA conducted 398 hearings during 2013, and 52 licenses were charged.  87.5% of the complaints were unfounded, which means they were either dismissed or otherwise settled.  Most complaints against licensees involved buyers or sellers not receiving signed copies of documents, earnest money deposit complaints and disclosure forms.  It was strongly advised that if a buyer waives an inspection, the broker should let the buyer know what the inspection entails.

We also heard yet another warning not to procrastinate in obtaining your broker license.  The IPLA indicated a large percentage of licensees have not done so, and it will be illegal to practice real estate without your broker's license after June 30, 2014.

At the legislative briefing and RPAC awards meeting, IAR staff reviewed the top five bills related to real estate being debated during this legislative session.  Additional information on these issues can be found at iga.in.gov or by contacting the IAR's Maggie McShane or Eric Augustus.

HB1280 Land Banks and Tax Sale Issues
HB1224 Title Insurance
HB1141 Methamphetamine Lab Disclosure in Property Sales
HB1403 Regulation of Residential Rental Property
SB176 Central Indiana Transit

Following the legislative session, we headed to the state house to talk to our Senators and Representatives!

Following the State House visit, SIAR's own Kevin Eastridge was installed as President of the Indiana Association of Realtors.  We are well represented in 2014!