"The bill defines a private listing network as a system or platform operated on behalf of a brokerage that restricts access to some or all listing information to a definite subset of brokers, licensees or buyers and that is not broadly accessible to the general public."
"Within one calendar day of the start date of a written listing agreement, a listing agent must publicly advertise or market the listing for sale in a publication, platform or website that is broadly accessible to the general public."
"Listings could be non-publicly marketed if the seller gives informed, written direction after receiving a standardized state disclosure that clearly explains the risks and tradeoffs of withholding a listing from public marketing."
"The proposed disclosure provides sellers with a right to change their mind, stating that at any time they may provide written notice to their agent directing the agent to publicly advertise the property."
The bill establishes a private listing network as a platform limiting access to listing information. Listing agents must publicly market properties within one day of a listing agreement, except under specific conditions. Sellers can opt-out of public marketing with informed consent after receiving a disclosure about the risks. Exceptions are made for safety concerns, requiring written consent. Sellers retain the right to change their decision and request public marketing at any time, ensuring compliance with fair housing laws.
Read at www.housingwire.com
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