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Last updateThu, 21 Nov 2019 12am

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    Wednesday, November 20, 2019-8:11:21P.M.

     

     

     

     

     

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Senate panel seeks comments on real estate bill

SENATOR Francisco M. Borja, the chairman of the Senate Committee on Resources, Economic Development and Programs, is reaching out to real estate businesses and other members of the community to comment on a bill that proposes to regulate real estate transactions in the CNMI.

Francisco Manglona Borja

Borja also sent letters to the heads of different government agencies, asking them to comment on the measure on or before Nov. 21, 2019.

He said their comments and recommendations “will greatly assist the committee in making any determination before any action by the full Senate body.”

Authored by Rep. Janet U. Maratita, H.B. 21-14 would set a $200 fee for a two-year real estate broker’s license; $100 fee for a one-year restricted broker’s license; $400 fee for the four-year renewal of broker’s license; $100 fee for a two-year original real estate agent’s license; $50 fee for restricted agent’s license; $200 fee for the four-year renewal of real estate agent’s license; $50 fee for 120-day limited real estate agent’s license; $50 fee for branch office broker’s license; $25 fee for change of name or address; $25 fee for transfer of an agent’s license on change of employer; $25 fee for a duplicate license; and $25 fee for reinstatement of a license within a licensing period or at the time of renewal.

H.B. 21-14 states that “despite the fact that Article 12 of the CNMI Constitution limits land alienation, there is still a great deal of land being bought and sold, leased and subleased. Presently, the real estate industry is largely unchecked and unregulated.”

The bill states, “It is an industry with no laws. No rules. No regulations. The time has come to establish a regulatory framework to safeguard the industry and encourage honest real estate transactions. Although development is positive and good, real estate laws must be established to protect landowners and prospective buyers.”