Printer Friendly

IREM celebrates success of legislative victories.

The Institute of Real Estate Management claimed several significant legislative victories in 2005 of benefit to its members, other commercial real estate professionals and allied interest groups. Among the most notable of these victories (from the year-end back), achieved in collaboration with the National Association of REALTORS, are the following:

Terrorism Risk Insurance Extension Act of 2005, S. 467--Signed into law on December 22, 2005, it extends the federal insurance backstop program for two years. The amount of property and casualty losses needed to trigger federal involvement will increase. The Act also provides for increases in insurance deductibles. Insurers will continue to be required to offer terrorism coverage under the same terms and conditions as other lines of coverage at levels below the event triggers.

Energy Policy Act of 2005, H.R. 6--Signed into law on August 8, 2005, it includes new energy programs and tax incentives for energy efficiency enhancements. Although the bill largely benefits energy companies, it does contain provisions benefiting real estate professionals and consumers. Commercial real estate professionals will benefit from incentives such as the Energy Efficient Commercial Buildings Deduction.

Junk Fax Prevention Act, S. 714--Signed into law on July 9, 2005, it does not legalize unsolicited fax advertisements, but does allow for an established business relationship exception. Unsolicited commercial faxes may be sent without prior permission provided that (1) the established business relationship predates the enactment of the new law or, (2) in the case of a newly established business relationship, the fax number was provided voluntarily by the recipient or is publicly available in a published directory, advertisement or website. In addition, senders must now include opt-out instructions on the first page of any commercial fax sent.

Bankruptcy Abuse Prevention and Consumer Protection Act, S. 256--Signed into law on April 20, 2005, it contains four long-sought-after commercial real estate provisions: (1) eliminates the cap on single asset bankruptcies; (2) provides new protections for shopping center owners; (3) closes the loophole that allows rental housing tenants to avoid eviction; and (4) provides that homeowner and condo association fees be non-dischargeable.

Class Action Fairness Act of 2005, S. 5--Signed into law on February 18, 2005, it establishes a uniform set of criteria for determining when a multi-state class-action lawsuit can be moved from state court to federal court. The new law authorizes federal courts to hear class-action suits involving over $5 million where the case is outside the home state of the defendants or less than one-third of the class is located in the home state of the defendants. The objective in moving suits to federal courts is to make it significantly more difficult for the lawsuits to be approved. The new guidelines also are intended to limit the ability of plaintiff attorneys to "venue-shop" when filing class-action suits.

IREM's goal in supporting this legislation is to help restore the availability of liability coverage at realistic rates for the commercial real estate community through reform of the existing tort system.
COPYRIGHT 2006 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:PROPERTY MANAGEMENT
Publication:Real Estate Weekly
Date:Jan 18, 2006
Words:494
Previous Article:Coldwell site to reach Spanish audience.
Next Article:Cisco principal discusses benefits of IT connections.
Topics:


Related Articles
IREM unveils safety management program.
Members of the Greater New York Chapter of the Institute of Real Estate Management received two awards at the IREM Annual Leadership and Legislative...
IREM reaches Ukraine with CPM agreement.
The Greater New York Chapter of the Institute of Real Estate Management recently hosted a delegation of property and asset managers from Samsung...
Leadership and legislation to be the focus of next IREM summit.
The George M. Brooker, CPM[R] Minority Scholarship was presented to Sean Thompson, Sr. at a recent luncheon of the Greater New York Chapter of the...
IREM aiming to strike a balance with new course.
Dawn Carpenter, CPM and president of the Greater New York Chapter of the Institute of Real Estate Management (IREM) presented Sandra Kerin, CPM, with...
IREM takes learning curve and stretches it round globe.
The Greater New York Chapter of the Institute of Real Estate Management hosted their first event of the 2006 fall season on September 21.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters