H7159

	2022 -- H 7159
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	LC004122
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	STATE OF RHODE ISLAND
	IN GENERAL ASSEMBLY
	JANUARY SESSION, A.D. 2022
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	A N A C T
	RELATING TO BUSINESSES AND PROFESSIONS -- REAL ESTATE SALES
	DISCLOSURES

	Introduced By: Representatives Baginski, and Solomon
	Date Introduced: January 26, 2022
	Referred To: House Corporations
	It is enacted by the General Assembly as follows:
1	SECTION 1. Section 5-20.8-5 of the General Laws in Chapter 5-20.8 entitled "Real Estate
2	Sales Disclosures" is hereby amended to read as follows:
3	5-20.8-5. Real estate disclosure form acknowledgement -- Inclusion in real estate sales
4	agreements -- Penalty for violation.
5	(a) Every agreement for the purchase and sale of residential real estate located in the state
6	shall contain an acknowledgement that a completed real estate disclosure form has been provided
7	to the buyer by the seller.
8	(b) A seller's failure Failure to provide the seller disclosure form to the buyer shall entitle
9	the buyer to void the purchase and sales agreement by providing notice, in writing, to the seller
10	prior to the transfer of the title at a closing does not void the agreement nor create any defect in
11	title.
12	(c) Each violation of this statute by the seller or his or her agent is subject to a maximum
13	civil penalty in the amount of one hundred dollars ($100) one thousand dollars ($1,000) per
14	occurrence.
15	SECTION 2. This act shall take effect upon passage.
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	LC004122
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	EXPLANATION
	BY THE LEGISLATIVE COUNCIL
	OF
	A N A C T
	RELATING TO BUSINESSES AND PROFESSIONS -- REAL ESTATE SALES
	DISCLOSURES
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1	This act would allow a homebuyer to void a purchase and sales agreement prior to the
2	transfer if the seller fails to provide a written sales disclosure. The act would also increase the
3	maximum civil penalty for violating this law from one hundred dollars ($100) to one thousand
4	dollars ($1,000).
5	This act would take effect upon passage.
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	LC004122
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