Consumer Notice in Commercial Transactions
Act 125 of 2006, effective on January 25, 2007, altered the Real Estate Licensing and Registration Act (RELRA) and its requirements that licensees must present the Consumer Notice to all potential clients and customers at the initial interview.
The original law requires that every consumer be provided with a copy of the Consumer Notice at the first “substantive conversation” between the licensee and the consumer. As amended, the law will still require the use of the Consumer Notice in most transactions, but there is now an exclusion for transactions involving “commercial property” (defined in the law) where the client is a representative of a corporate business entity.
A copy of the language of Act 125 is attached to the end of PAR’s flow chart about the change. Note that this language was incorporated into the Real Estate Licensing and Registration Act (RELRA) on the effective date of the law; it is not a free-standing act.
Read the text of Act 125 and review PAR’s flow chart of questions to ask so you can determine whether the exception applies to a particular transaction.