January 10, 2025

WELCOME BROOKE! 

The Maine Association of REALTORS® has hired Brooke Adams as a part-time Office Assistant. Brooke will provide member service and office support Monday through Friday from 8:30 a.m. – 12:30 p.m. You can reach Brooke at 207.622.7501 or reception@mainerealtors.com

CODE OF ETHICS CHANGES:

The new year presents an opportunity to review the Code of Ethics! Effective 1/1/25, there were amendments to Article 4 and Standards of Practice 4-1 and 4-2 regarding disclosure of ownership interests. Review those updates here

2024 MAR LEGISLATIVE/LEGAL SYNOPSIS:

A summary of laws passed by the second session of the 131st Maine Legislature has been filed under the REALTOR® Access Only tab (password: codeofethics)

ICYMI - LUNCH & LEARN RECORDING:

On January 8, MAR hosted a 45-minute Lunch & Learn “Elevate Your Value Proposition for More Buyer-Seller Connections" with Angie Javier from realtor.com. You can view the recording here (password: Realtor.com2025)

IRS STANDARD MILEAGE RATE:

The business standard mileage rate for 2025 is .70 cents per mile for business travel, up from 2024. Learn more...

REALTOR® MAGAZINE’S 30 UNDER 30:

Each June, REALTOR® Magazine features 30 young rising stars in the real estate industry. To determine who makes the 30 Under 30 list, the REALTOR® Magazine staff looks for candidates who are successful in the real estate business and have demonstrated skill, success, creativity, and leadership in their careers. Application deadline is January 15! Find out more and apply- 30 Under 30

NAR’S REAL ESTATE TODAY RADIO AND PODCASTS:

Get the latest news and information about the real estate market from experts who open doors to home ownership. Access on radio, podcasts, and mobile devices On Sundays from 1:00 – 3:00 you can listen live on WVOM 101.3 FM or 103.9 M.

CALIFORNIA WILDFIRES DISASTER RELIEF:

The impact (so far) of the southern California wildfires include 35,000+ acres burned with thousands of structures, many of them homes, damaged or destroyed, and tens of thousands of evacuations in place. If you would like to provide financial assistance, both the California Association of REALTORS® and NAR’s REALTORS® Relief Foundation are trusted sources to support families and communities as they rebuild:

- California Association of REALTORS® Disaster Relief Fund

- NAR’s REALTOR® Relief Foundation

MAINE PAID FAMILY AND MEDICAL LEAVE:

In July 2023, the State of Maine Legislature passed a budget that included the creation of a paid family and medical leave program, making Maine the 13th state to establish one. Beginning in 2026, eligible workers in the private and public sector will have 12 weeks of paid time-off available to them for family or medical reasons including illness, to care for a relative, or for the birth of a child.

Starting with the first payroll with a pay date in January 2025, any employer with at least one Maine-based employee has obligations under Maine’s new Paid Family and Medical Leave (PFML) law.

Employers should take immediate actions to prepare by following the steps on this one-pager

Self-employed persons can be eligible for Maine PFML. Check out the FAQ’s at this link for program details

Stay up to date by signing up for the PFML Get Notified List and learn more in the Maine DOL FAQ, employer resources, recorded demonstrations, and step by step guides on the Maine DOL website.

BENEFICIAL OWNERSHIP (BOI) REPORTING

U.S. APPEALS COURT REINSTATES THE NATIONWIDE INJUNCTION

REPORTING IS VOLUNTARY AGAIN:

-On January 1, 2021: the Corporate Transparency Act (“CTA”) was enacted by U.S. Congress including significant reforms to anti-money laundering laws. The CTA established beneficial ownership information (BOI) reporting requirement for corporations, limited liability companies, and other similar entities formed or registered to do business in the United States with an initial reporting deadline of December 31, 2024.

-On December 3, 2024: the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction enjoining the federal government from enforcing the Corporate Transparency Act (CTA).

-On December 23, 2024: The U.S. Court of Appeals for the Fifth Circuit granted the U.S. government's request to lift the temporary nationwide injunction halting the Corporate Transparency Act, and implementation and enforcement of the Beneficial Ownership Rule. This court action reinstated the Beneficial Ownership Information Reporting (BOI) Rule.

-On December 26:  The U.S. Court of Appeals for the Fifth Circuit reinstated the nationwide injunction halting further implementation and enforcement of the Corporate Transparency Act (CTA) which prevents FinCEN from enforcing the BOI Reporting Rule. 

·       In light of this recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

For information on filing requirements, please visit FinCen’s website and/or contact your legal and financial advisors. 

HEALTH INSURANCE

LAST CALL FOR OPEN ENROLLLMENT AT COVERME.GOV:

The Made for Maine Health Coverage Act, passed by the Maine Legislature in 2020, authorized the creation of a State-run health care insurance marketplace where individuals and families can shop for health insurance. Maine’s Marketplace, called CoverME.gov is now open. All plans sold through CoverME.gov provide comprehensive coverage and Essential Health Benefits. 

The Open Enrollment Period closes on January 15, 2025. You can use https://CoverME.gov to:

• Shop for and compare health insurance plans that provide quality comprehensive coverage.
• Apply for financial assistance to lower health insurance costs.
• Find a certified expert to guide you through the shopping and enrollment process and answer your questions at no cost to you.

Learn more...

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