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Financial Services Law Insights and Observations

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  • Massachusetts temporarily waives requirements for certain residential property inspections prior to sale

    State Issues

    On March 20, the Massachusetts governor ordered that the inspections for smoke alarms and carbon monoxide detectors required by state law in connection with residential property sales may be deferred, provided that (1) the buyer agrees to take responsibility for equipping the property with the requisite alarms and detectors; and (2) the inspection is conducted within 90 days after the state of emergency for the Covid-19 outbreak is lifted.

     

    State Issues Massachusetts State Regulation Real Estate Home Inspection Mortgages Covid-19

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  • South Dakota amends real estate licensing provisions

    On March 2, the South Dakota governor signed SB 28, which amends certain statutory provisions related to real estate licensing in the state. Among other things, SB 28 outlines reasons why an application for a license may be denied, including if an applicant “has been disciplined by a regulatory agency in relation to activities as a real estate salesperson or broker, broker associate, firm, appraiser, mortgage broker, or any other regulated licensee, including insurance, securities, law and commodities trading.” SB 28 also stipulates that the state’s real estate commission may issue restricted broker’s licenses, as well as administer and enforce outlined provisions. Licensure exemptions are also set forth. The amendments take effect July 1.

    Licensing State Legislation State Issues Real Estate

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