Illinois General Assembly - Full Text of HR0526
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Full Text of HR0526  103rd General Assembly

HR0526 103RD GENERAL ASSEMBLY

 


 
HR0526LRB103 35757 ECR 65838 r

1
HOUSE RESOLUTION

 
2    WHEREAS, The members of the Illinois House of
3Representatives are disappointed to learn of the price fixing
4real estate scandal that took place in Missouri, Kansas, and
5Illinois over an unknown amount of time; and
 
6    WHEREAS, The National Association of Realtors (NAR) is at
7the forefront of this scandal; founded as the National
8Association of Real Estate Exchanges in 1908, the NAR has
9grown to be America's largest trade association and is
10responsible for representing 1.5 million members, including
11National Association of Realtors's institutes, societies, and
12councils that are involved in all aspects of the residential
13and commercial real estate industries; and
 
14    WHEREAS, Home sellers have been awarded $1.8 billion in
15damages following a ruling by a jury in Kansas City, Missouri
16that found a conspiracy by the NAR existed to follow and
17enforce the Cooperative Compensation Rule, meaning home
18sellers would have to pay more for real estate brokerage
19services; and
 
20    WHEREAS, The NAR has a code of ethics stating that the
21group aims to serve consumers in a way that encourages
22cooperation with each other while furthering their clients'

 

 

HR0526- 2 -LRB103 35757 ECR 65838 r

1best interests; this scandal is a direct violation of the
2association's own code and has led many consumers who put
3their trust in the NAR to be worse off; and
 
4    WHEREAS, The NAR has great power throughout the real
5estate field, which needs to be respected by its own members;
6the association is relied on for important steps in citizens'
7livelihoods in the home selling process and should not abuse
8this power as it hurts those who it claims to help, the people
9who are key contributors to their markets; therefore, be it
 
10    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE
11HUNDRED THIRD GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
12we condemn the actions taken by the National Association of
13Realtors that increased profits while hurting consumers; and
14be it further
 
15    RESOLVED, That a suitable copy of this resolution be
16presented to the National Association of Realtors.