Monday, April 9, 2012

Gov. Scott signs two Florida Realtors-endorsed bills

Two bills endorsed by Florida Realtors – HB 1127 and HB 7125 – became law on Friday when signed by Gov. Rick Scott.

Under HB 1127 by Rep. Ben Albritton (R-Bartow), private property insurers get more time to pay the state-owned insurer, Citizens Property Insurance Corp., if the state insurer goes broke following a catastrophic storm. The bill’s effective date is July 1, 2012.

Until the bill goes into effect, insurers must pay Citizens up to 18 percent of their premiums within 30 days of being assessed – before they can recoup the money from policyholders. It’s hoped that HB 1127 will attract new insurers to Florida and keep existing insurers here.

Under HB 7125, a bill by the House Economic Affairs Committee and Rep. Ken Roberson (R-Port Charlotte), real estate sales associates and broker associates are exempt from paying local business taxes (formerly known as occupational license fees) if required in their city or county. Under Florida law, these individuals already affiliate with a real estate broker who will continue to pay local business taxes.

Repeal of the tax will save Florida real estate licensees $3.8 million annually. Its effective date is Oct. 1, 2012.

Source: Florida Realtors®

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