Flat Fee MLS - Rhode Island
In February 2007, identical bills were introduced in the Rhode Island Senate and House of Representatives (S. 370 and H. 5432) that included minimum service requirements for real estate brokers who enter exclusive agreements with clients. The MLS in Rhode Island requires that brokers enter into exclusive agreements with clients.
The Antitrust Division sent letters to the sponsors of the bills detailing the benefits consumers can realize when they are permitted to choose the services they wish to purchase from their real estate broker. Ultimately, the bill sponsors engaged in discussions with the Rhode Island Association of Realtors and the Rhode Island Department of Business Regulation, and substitute bills eliminating the minimum service requirements (S. 370A and H. 5432A) were introduced. The substitute bills became law in July 2007.
Learn more about:
- Brokerage services: Discount Brokers Can Make Selling a Home Less Costly
- Rebates: Rebates Make Buying a Home Less Expensive
Antitrust Division Documents:
Press releases:
- Justice Department Urges Rhode Island Senate to Continue Allowing Non-Lawyers to Close Real Estate Deals (07/01/2003)
- Justice Department and FTC Urge Rhode Island Legislature to Allow Non-Lawyers to Perform Real Estate Closings (04/02/2002)
Comment letters:
- Letter to Senator Walaska and Representative Picard Re: Rhode Island Senate Bill 370/House Bill 5432 (03/07/2007)
- Comments to the Rhode Island Senate Re: Proposed House Bill 5936, Restricting Competition from Non-Attorneys in Real Estate Closing Activities (06/30/2003)
- Comments to the Rhode Island House of Representatives Re: Proposed House Bills 5936 and 5639, Restricting Competition from Non-Attorneys in Real Estate Closing Activities (03/28/2003)
- Comments to the Rhode Island House of Representatives Re: Proposed House Bill 7462, Restricting Competition from Non-Attorneys in Real Estate Closing Activities (03/29/2002)
Related documents on the Internet:
- Rhode Island House Bill 5432 allowing consumers to contract with brokers for the services they wish to receive
- Rhode Island Senate Bill 370 allowing consumers to contract with brokers for the services they wish to receive
Rhode Island Division of Commercial Licensing and Regulation
asmith at dbr.state.ri.us
233 Richmond St. Providence, RI 02903
Phone: 401-222-2246 Fax: 401-222-6098