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KEEPING YOU INFORMED:
NAR CLASS ACTION LAWSUIT proposed SETTLEMENT UPDATE:
KBR held a Member Forum on April 25, 2024 at the Kauai Philippine Cultural Center attended by nearly 70 members and greeted by a panel of speakers to include 2024 KBR President, Milo Spindt - Speaker and Moderator; Jason Korta, HAR Staff Attorney; Kalama Kim, Hawaii REALTORS (HAR) Immediate Past President; Nathan Aipa, Pitluck, Kido & Aipa LLP; Faith Geronimo, Hawaii Information Services (HIS) CEO, and Colleen Yashuhara, HIS CFO.
The Member Forum presented to most current updates related to the NAR proposed settlement and the Standard Forms update forthcoming as a result of the new Practice Changes. This provided an opportunity for discussions of understanding these practices and preparing.
Here are some important reads and takeaways from the forum.
1. March 15, 2024 NAR Settlement Agreement (108 Pages). Specifically pages 28 through 32 “Practice Changes”.
2. April 23, 2024 NAR Estimated Timeline of Key Upcoming Milestones.
3. NAR Settlement Agreement, Appendix C-Brokerage “Opt In” Agreement (which is due June 18, 2024) for brokerage companies to be covered under the Settlement Agreement.
4. Required practice changes under our Settlement Agreement. These practice changes result in revisions to the MLS policy handbook which are summarized below. The revised policies will go into effect on August 17, 2024. Updated FAQ’s
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