New Tennessee Law Prohibits Agents from Rebating Commissions
February 22, 2008
Governor Phil Bredesen just signed a new law here in Tennessee that prohibits real estate agents from giving away cash rebates, gifts or prizes in conjunction with a real estate transaction. The bill, SB1160, had been backed by the Tennessee Association of Realtors.The bill passed despite a letter being sent by the Department of Justice to House Speaker Jimmy Naifeh urging the state house of representatives not to pass the bill because of the “serious harm to the competitive process and home buyers and sellers in Tennessee.”
I’ve been hearing quite a bit about this bill and it seems that several discount brokers aren’t too happy. Their argument is similar to that of the Department of Justice.
Since I represent a local real estate association I feel at this time it would be best for me to withhold my opinion. But I would love to see what some of you think about this.
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