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The MAR has aided in crafting legislation to bring the practice of mortgage fraud to a halt. In a recent report from the FBI, Michigan ranks among the top 5 in mortgage fraud statistics. In response, state lawmakers have passed legislation curbing this criminal activity, by increasing funding for investigations. The legislation enables the Attorney General, in coordination with the Department of Labor and Economic Growth, additional funds to aid in the investigation and prosecution of those engaging in mortgage fraud.

House Bill 6267, now Public Act 645 of 2006, allows money in the Real Estate Enforcement Fund (REEF) to be used by the state Attorney General’s Office along with Department of Labor and Economic Growth to investigate mortgage fraud activity. The funds, which stand at around $3 million, are currently restricted for solely prosecuting unlicensed activity. By expanding this fund, Michigan is leading the charge to end mortgage fraud in this state, which will greatly benefit the housing market, the buying and selling public, and members in the real estate industry. With the passage of this bill, unlawful activity, such as equity skimming and mortgage-related identity theft, will be able to be investigated and prosecuted. These types of mortgage fraud practices are found in all parts of Michigan, but the FBI has especially focused on the Southeast portion of the state.

As a regulated industry, the Michigan Association of REALTORS® understands the need to keep honesty and integrity in real estate business, and fully supports this legislation for the protection of home buyers and sellers, as well as the good of Michigan’s real property market.

2007 Legal Update Available for Download

MAR is pleased to announce that the 2007 legal updated is now available for download. This year’s course covers dealing with FSBOs, foreclosure and short sales, fraud, land contracts/leases with option or rights of first refusal and a legal liability update.

Every year, MAR members find this as a valuable resource to keep up to date on legal issues in the industry.

Visit the MAR Web site, www.mirealtors.com, to download the 2007 Legal Update composed by McClelland and Anderson.

Buyers' Market to Boost Home Sales,
Opportunities for REALTORS®

In her latest podcast, 2007 NAR President Pat Vredevoogd Combs discusses the latest outlook for the real estate market in the year ahead and how REALTORS® can help more consumers take advantage of this “buyers market.”

Every month we are seeing more and more evidence that the housing market hit bottom last fall. Existing home sales are trending up, not down. And the overall supply of homes on the market has stabilized. Now is the best time for Realtors to reach out to potential home buyers in our markets and talk to them about all of the opportunities.

Listen to the podcast now.

SBT Replacement Plan Announced

Senate Majority Leader Mike Bishop and the Senate Republicans announced their plan to replace the Single Business Tax (SBT) that is set to expire after this year.

The Business and Economic Stimulus Tax (BEST) proposal seeks to replace $1.51 billion of the $1.9 billion in revenue the SBT currently generates. The tax is proposed as a low rate business income tax combined with a gross receipts/franchise tax. The plan also provides personal property tax relief in that new industrial personal property will not be taxed and personal property acquired within the last five years will be provided with a 10 percent tax credit. Lastly, the BEST plan protects businesses by creating a cap on future revenue growth of CPI plus 1 percent, to make sure government lives within its means.

The Michigan Association of REALTORS® is pleased to see that the framework of the BEST plan closely resembles the SBT replacement proposal we worked on with the Michigan Chamber of Commerce last year. MAR will be part of an exclusive workgroup called by the Senate Majority Leader to shape the finer points of this proposal.

Please look for further updates as we learn more about the proposal.

2007 Professional Standards Workshop Series

MAR offers five locations to choose from; February 27 -28, March 1

Do You Have The Right Tools For Professional Standards? The Michigan Association of REALTORS® does. MAR has teamed up once again with Bruce Aydt, ABR, ABRM, CRB, to host five half-day workshops designed to assist REALTORS® who serve on professional standards and grievance committees to gain new insights and knowledge of Professional Standards through mock hearings and classroom instruction.

View more information and register at the MAR Web site, www.mirealtor.com.