Governor Signs Agency Law Bill
WR Commercial Government Affairs Director Mary Hull-Drury (from Olympia), Senator Stanford (D-1st Legislative District), Governor Inslee, Washington REALTORS® Immediate Past President Cheri Daniels (from Yakima) and Vice President-elect of Government Affairs Eddie Chang (from Seattle).
Governor Inslee signed the REALTOR® Supported Agency Law Reforms Bill (SB 5191) into law yesterday, May 4th. Washington State’s real estate agency law, Chapter 18.86 RCW, has not been updated since its adoption in the 1990s. Existing law does not require certain basic consumer protections, and does not reflect modern industry best practices. This legislation will both protect consumers and avoid litigation seen in other states. For example, the bill would improve disclosures of real estate broker duties, require a written buyer agency agreement for a broker to be compensated, require terms of compensation in writing, and ensure that the legal duties of brokers protect all parties in a transaction – not just the broker’s own client.
BILL DESCRIPTION for SSB 5191 - Relating to reforming the real estate agency law to require written brokerage services agreements, improve consumer disclosures, and provide that certain legal duties of brokers apply to all parties in the transaction.
THANK YOU BILL SPONSORS:
Senator Stanford (D-1st Legislative District), Senator Dozier (R-16th Legislative District) and Senator Gildon (R-25th Legislative District).
And thank you to Representative Connors (R-8th Legislative District), Representative Corry (R-14th Legislative District), Representative Amy Walen (D-48th Legislative District) and Representative Ryu (D-32nd Legislative District) for also contributing to this bill.