HB2722 Summary

• Amends the Real Estate License Act of 2000 to include short sale activities within the definition of "broker"

• Expands the broker definition to cover individuals, partnerships, limited liability companies, corporations, and registered limited liability partnerships who negotiate, facilitate, offer, attempt, or agree to facilitate short sales of residential property

• Defines "short sale facilitation" as offering or negotiating on behalf of borrowers or homeowners to sell residential real estate where sale proceeds fall short of amounts owed and lien holders must agree to accept less than full payment

• Takes effect immediately upon becoming law