I've mentioned the Nevada Legislature bills previously. However, here are more details on the bill mentioned...
AB226 Became Law... Of interest to Realtors are: A landlord will be required to advise a tenant that if a court issues an eviction notice, a lockout will occur within 24 hours of the Sheriff or constable receiving the order and a functioning door lock would be added to the list of essential items and services defined in NRS.
AB271 Became Law... The Nevada Association of Realtors identified private transfer fees known as re-conveyance fees, capitol recover fees, private development transfer tax as a concern, as they may create last minute closing complications, impact the home sale and title in addition to lending problems. PTF's have become a concern to states across the country and 32 states now have laws addressing PTF's or are int he process of addressing them. This law does not prohibit an HOA or their management company from accessing a unit transfer fee at the time of resale.
AB 273 Became Law... This bill reverses provisions governing deficiencies existing after foreclosure sales. It changes current law to provide that the amount of a deficiency judgment must be reduced by the amount of any insurance proceeds received or payable to the creditor. It caps the maximum amount that can be obtained through civil action as the amount paid to the creditor by a third party to acquire the right to enforce the obligation, plus interest and reasonable costs. The law also removes the ability to collect on the deficiency under certain circumstances. It reduces the amount of time a junior lien holder has to obtan a deficiency judgment from the current six years to six months.
SB 227 Failed... This bill was to make the Real Estate Division fee-based rather than Executive Budget based. It would have funded the division based on the number of licensees. The main reason for failure was the Senate took until day 119 of 120 to move this bill out of the house leaving not enough time to work on the bill. If nothing else the Senate better understood the devastating toll that three cycles of budget cuts has taken on an important industry within the state and the long-term impact the cuts will have to the division and the industry as a whole.
SB 314 Became Law... This law adds a new permit under the umbrella of the division requiring the registration and permitting of asset management companies and employees. The bill removes the ability of the banks to waive the Sellers Real Property Disclosure. Banks are now required to complete such disclosure.
AB360 Became Law... The bill mandates that local governments pass an ordinance to afford property owners at least 30-days to fix a nuisance or dangerous/noxious situation that was caused by the criminal activity of someone other than the owner as long as the situation is not an immediate danger to the public.
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