Governor Perdue signed HB 174 (Commercial Broker Lien Act), sponsored by Reps Darrell McCormick (R-Iredell), Pryor Gibson (D-Anson), Leo Daughtry (R-Johnston) and Tom Murry (R-Wake), into law on June 17, which was a significant accomplishment for the NC Association of REALTORS®, as staff and REALTORS® have been working diligently on this issue since 1997. Ultimately, it passed the Senate Commerce Committee unanimously and then passed the Senate with only one “no” vote, a testament to the work that was put into this issue throughout the process and making sure that legislators understood the significance of this bill. This legislation will ensure that commercial brokers are paid the commission owed to them. For information on the bill, click on the HB174 link at the top.
NAR Supports Credit Union Lending Bill
The U.S. Senate Banking, Housing, and Urban affairs Committee held a hearing last week on credit union member business lending. NAR sent a letter in support of S. 509, the Small Business Lending Enhancement Act of 2011 (Udall, D-CO), which would raise the cap on credit union member business lending. The letter focused on the beneficial effect this source of financing would have on commercial real estate and small businesses.
The current cap on credit union member business lending is 12.5 percent of a credit union's assets, but NAR seeks to raise that limit for well-capitalized credit unions. This would allow credit unions to fill in the commercial real estate financing gap, and help get capital to the struggling small businesses who occupy commercial buildings. NAR will continue to engage with Congress and other stakeholders to push for a raise of the business lending cap for credit unions. Read NAR's Letter to the U.S. Senate Banking, Housing, and Urban Affairs Committee
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