The Washington Report

On December 20, 2023, the U.S. Department of Labor (DOL) proposed to rescind the 2018 Association Health Plans (AHP) final regulations which would have allowed real estate professionals and other small businesses to participate in an AHP.

NAR is disappointed with the latest DOL proposal and will be filing detailed comments laying out our strong objections and setting the record straight that AHPs offer high-quality, low-cost health coverage options to employees of small businesses and self-employed individuals (i.e., "working owners"), including real estate professionals.

The DOL’s latest proposals follows a 2019 federal district court decision striking down the part of the 2018 AHP rule that would have allowed real estate professionals and other working owners to join AHPs.

NAR supported the previous administration’s decision to appeal the district court ruling, but unfortunately, the current administration asked the Federal Appeals Court to hold off on a ruling and this latest proposal effectively signals the current administration's intention to not move forward with that appeal.

While disappointed in the latest DOL proposed decision, NAR intends to keep fighting and is also spearheading a broad coalition to develop multi-industry comments against the proposal and continuing to pursue the AHP Act which passed the House and awaits Senate consideration.

Get the latest updates at Health Care Reform (nar.realtor)

On December 21, 2023, the Financial Crimes Enforcement Network (FinCEN) issued the final Beneficial Ownership Access and Safeguards Rule governing who will have access to the beneficial ownership data collected by FinCEN.

The Access Rule provides law enforcement, national security agencies, and other related federal agencies with access to the data. Additionally, financial institutions and regulators will be able to access the data consistent Customer Due Diligence (CDD) requirements. The beneficial ownership data is subject to strict security and confidentiality requirements as mandated by the Corporate Transparency Act (CTA), and this Access Rule. The Access and Safeguards Rules is effective on February 20, 2024.

Check out the Federal Register for more information about the Access and Safeguard Rule. NAR will continue to provide updates and information about beneficial ownership information reporting and compliance obligations.