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The Texas Real Estate Commission (TREC) proposes amendments to 22 TAC §537.20, Standard Contract Form TREC No. 9-15; §537.21, Standard Contract Form TREC No. 10-6; §537.22, Standard Contract Form TREC No. 11-7; §537.23, Standard Contract Form TREC No. 12-3; §537.28, Standard Contract Form TREC No. 20-16; §537.30, Standard Contract Form TREC No. 23-17; §537.31, Standard Contract Form TREC No. 24-17; §537.32, Standard Contract Form TREC No. 25-14; §537.33, Standard Contract Form TREC No. 26-7; §537.35, Standard Contract Form TREC No. 28-2; §537.37, Standard Contract Form TREC No. 30-15; §537.39, Standard Contract Form TREC No. 32-4; §537.40, Standard Contract Form TREC No. 33-2; §537.41, Standard Contract Form TREC No. 34-4; §537.43, Standard Contract Form TREC No. 36-9; §537.44, Standard Contract Form TREC No. 37-5; §537.45, Standard Contract Form TREC No. 38-7; §537.46, Standard Contract Form TREC No. 39-8; §537.47, Standard Contract Form TREC No. 40-9; §537.48, Standard Contract Form TREC No. 41-2; §537.51, Standard Contract Form TREC No. 44-2; §537.52, Standard Contract Form TREC No. 45-2; §537.54, Standard Contract Form TREC No. 47-0; §537.55, Standard Contract Form TREC No. 48-1; §537.56, Standard Contract Form TREC No. 49-1; §537.57, Standard Contract Form TREC No. 50-0; §537.58, Standard Contract Form TREC No. 51-0; §537.59, Standard Contract Form TREC No. 52-0; §537.60, Standard Contract Form TREC No. 53-0; and new §537.62, Standard Contract Form TREC No. OP-H, Seller's Disclosure Notice; §537.63, Standard Contract Form TREC No. OP-L, Addendum for Seller's Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards as Required by Federal Law; §537.64, Standard Contract Form TREC No. OP-M, Non-Realty Items Addendum; and §537.65, Standard Contract Form TREC No. OP-C, Notice to Prospective Buyer in Chapter 537, Professional Agreements and Standard Contracts. The proposed amendments and new rules to Chapter 537 are made as a result of the Commission's quadrennial rule review. Texas real estate license holders are generally required to use forms promulgated by TREC when negotiating contacts for the sale of real property. The proposed changes to the existing rules add the title of the form adopted by reference in each rule to the rule title and add clarifying language to specify which forms are for mandatory versus voluntary use by license holders. The new rules pair previously existing forms that were available for voluntary use by license holders with a rule to provide greater clarity about the forms purpose and use. Abby Lee, Deputy General Counsel, has determined that for the first five-year period the proposed amendments are in effect there will be no fiscal implications for the state or for units of local government as a result of enforcing or administering the sections. There is no adverse economic effect anticipated for small businesses, micro-businesses, rural communities, or local or state employment as a result of implementing the proposed amendments. There is no significant economic cost anticipated for persons who are required to comply with the proposed amendments. Accordingly, no Economic Impact Statement or Regulatory Flexibility Analysis is required. Ms. Lee also has determined that for each year of the first five years the sections as proposed are in effect, the public benefits anticipated as a result of enforcing the sections as proposed will be improved clarity and greater transparency for members of the public and license holders. For each year of the first five years the proposed amendments and new rules are in effect, the amendments will not: --create or eliminate a government program; --require the creation of new employee positions or the elimination of existing employee positions; --require an increase or decrease in future legislative appropriations to the agency; --require an increase or decrease in fees paid to the agency; --create a new regulation; --expand, limit or repeal an existing regulation; --increase or decrease the number of individuals subject to the rules' applicability; or --positively or adversely affect the state's economy. Comments on the proposal may be submitted through the online comment submission form at https://www.trec.texas.gov/rules-and-laws/comment-on-proposed-rules, to Abby Lee, Deputy General Counsel, Texas Real Estate Commission, P.O. Box 12188, Austin, Texas 78711-2188, or via email to general.counsel@trec.texas.gov. The deadline for comments is 30 days after publication in the Texas Register. The amendments and new rules are proposed under Texas Occupations Code, §1101.151, which authorizes the Texas Real Estate Commission to adopt and enforce rules necessary to administer Chapters 1101 and 1102; and to establish standards of conduct and ethics for its license holders to fulfill the purposes of Chapters 1101 and 1102 and ensure compliance with Chapters 1101 and 1102. The statute affected by these amendments and new rules is Texas Occupations Code, Chapter 1101. No other statute, code or article is affected by the amendments and new rules. |
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