The Washington Report

NAR's Advocacy and Legal Team hosted a webinar to provide real estate professionals and association staff with an overview of the Financial Crimes Enforcement Network's (FinCEN) Beneficial Ownership Information Reporting Rule. The webinar recording will provide clarity and guidance regarding the current state of the law, and the purpose of the BOI Rule. 

Disclaimer: The session and recording is only for informational and educational purposes only, and does not constitute legal advice. 

https://www.nar.realtor/videos/real-estate-compliance-webinar-on-the-fincen-beneficial-ownership-rule

fincen.gov/boi

The bipartisan House Task Force on Artificial Intelligence (AI) released its long-awaited report outlining a comprehensive framework for addressing the rapid advancement of artificial intelligence. Co-chaired by Representatives Jay Obernolte (R-CA) and Ted Lieu (D-CA), the task force developed the report in consultation with House committees of jurisdiction, and the report includes policy recommendations to advance America’s leadership role in AI innovation while being mindful of the risks posed by AI deployment. NAR adopted AI policy this May at the REALTORS® Legislative Meetings after the formation of a working group specifically designed to study AI, and those policy recommendations are reflected in this report including mitigating harmful bias, ensuring the privacy and security of consumer data, keeping humans at the center of the AI discussion, and retaining respect for intellectual property.  

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Press Release

Press Conference

The Federal Trade Commission(FTC) recently issued the final Junk Fees Rule aimed at providing consumers with greater clarity and transparency regarding all mandatory fees related to ticketed-live events and short-term lodging. The rule requires businesses to provide clarity and transparency to consumers regarding the fees that they will be required to pay for ticketed events and rentals/lodging.  Businesses are also required to exclude allowable fees up front and must "must clearly and conspicuously disclose the nature, purpose, identity, and amount of fees before consumers consent to pay." Businesses must display the total costs associated with short term rentals more prominently. The rule "does not prohibit any type or amount of fee, nor does it prohibit any specific pricing strategies," Businesses may include any fees it deems necessary for business; however transparency in pricing for consumers is imperative. 

The rule will be effective in 120 days following issuance of the final rule, and will be effective around April 18, 2025. NAR is still reviewing the full rule to assess its impact primarily for short term rental owners and businesses, and will provide relevant updates.