HR0526 103RD GENERAL ASSEMBLY

HR0526 LRB103 35757 ECR 65838 r

HOUSE RESOLUTION

WHEREAS, The members of the Illinois House of Representatives are disappointed to learn of the price fixing real estate scandal that took place in Missouri, Kansas, and Illinois over an unknown amount of time; and

WHEREAS, The National Association of Realtors (NAR) is at the forefront of this scandal; founded as the National Association of Real Estate Exchanges in 1908, the NAR has grown to be America's largest trade association and is responsible for representing 1.5 million members, including National Association of Realtors's institutes, societies, and councils that are involved in all aspects of the residential and commercial real estate industries; and

WHEREAS, Home sellers have been awarded $1.8 billion in damages following a ruling by a jury in Kansas City, Missouri that found a conspiracy by the NAR existed to follow and enforce the Cooperative Compensation Rule, meaning home sellers would have to pay more for real estate brokerage services; and

WHEREAS, The NAR has a code of ethics stating that the group aims to serve consumers in a way that encourages cooperation with each other while furthering their clients' best interests; this scandal is a direct violation of the association's own code and has led many consumers who put their trust in the NAR to be worse off; and

WHEREAS, The NAR has great power throughout the real estate field, which needs to be respected by its own members; the association is relied on for important steps in citizens' livelihoods in the home selling process and should not abuse this power as it hurts those who it claims to help, the people who are key contributors to their markets; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE HUNDRED THIRD GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we condemn the actions taken by the National Association of Realtors that increased profits while hurting consumers; and be it further

RESOLVED, That a suitable copy of this resolution be presented to the National Association of Realtors.