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SF 1991

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Rtf

Current Version - as introduced

  1.1                          A bill for an act 
  1.2             relating to real estate; regulating the right to 
  1.3             compensation for a buyer's representative; amending 
  1.4             Minnesota Statutes 1996, section 82.196, by adding a 
  1.5             subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1996, section 82.196, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 7.  [COMPENSATION.] A licensee shall not be entitled 
  1.10  to any compensation or commission under a buyer's broker 
  1.11  agreement unless the licensee provides substantial services 
  1.12  under the agreement.  A licensee shall be deemed to provide 
  1.13  substantial services under this subdivision if substantial 
  1.14  assistance is afforded the buyer with respect to an eventual 
  1.15  residential purchase or the licensee engages in at least ten 
  1.16  hours of work on behalf of the buyer.