Anti-Rebate Chicago SHUT DOWN
By Anthony Longo 17 03 2008
“A bill introduced by the Illinois legislature to outlaw refunding real estate commissions to consumers, which we complained about last month, finally died today. An obscure group called the Homeowners Club of America had supported the bill as a response to West Coast brokers attempting to change Illinois commission structures. Since the bill came just as Redfin was planning to enter the Illinois market, we wondered if we were the primary target.”
“The Illinois Association of Realtors announced opposition to the bill, and Justice Department officials were aware of the legislation (see Inman News). The Justice Department’s Antitrust Division has taken actions in other states in opposition to rebate restrictions, charging that such policies can impair price competition.
A group called the Homeowners Club of America had lobbied in support of the legislation, the state Realtors group reported. Rep. Robert S. Molaro, D-Chicago, introduced the legislation. Rep. Angelo Saviano, R-River Grove, was co-sponsor of the legislation. Another co-sponsor, Rep. Franco Coladipietro, R-Bloomingdale, was removed as a co-sponsor on March 6.”
Good news for all of us - BuySideRealty, Redfin Corp and hopefully CondoDomain Chicago!
Recent Comments