NCJAR’s Government Affairs Committee and NJ Realtors® is watching two bills headed to Gov. Murphy’s desk for his signature:
Consumer Fraud Law
This bill will extend protections already provided to sellers’ agents under the Consumer Fraud Act to buyers’ agents when obtaining information through OPRA requests.
LLC + Promotions Bill
This bill allows the formation of LLCs by salespersons and broker-salespersons as a way to receive commission income through their broker. The bill also requires disclosures on certain “promotions” offered by a broker to potential and current clients. Previously restricted promotions will be allowed under this bill. It is important to note here that the bill also contains language that if an LLC is formed and commission paid through it, the salesperson or broker-salesperson is specifically not considered an employee. This is one more way we are protecting your independent contractor status.
Please note: This does not take effect until six months after the NJREC promulgates regulations.