MAR BOARD OF DIRECTORS ACTIONS:

The following actions occurred at the December 4 MAR Board of Directors meeting:

• Heard the annual shareholder report from Maine Listings
• Approved a 2025 budget amendment for Strategic Planning
• Approved the 2025-2026 MAR Public Policy Statement to guide MAR’s advocacy efforts
• Approved appointments for MARPAC Trustees, MARCPAC Trustees, Maine Listings Directors, MAR Foundation Directors, York County Council of MAR Officers and Trustees, MAR Grievance and Professional Standards Committee members
• Approved Julie Cromwell, REALTOR® to serve on the Maine Cemetery Preservation Commission for a three-year term
• Approved MAR Life Member status for David Gleason (Kennebec Valley Board), Nancy Hanson (Mountains to Shore Board), and Jo Ann Higgins (Greater Bangor Association)

REQUIREMENTS FOR BENEFICIAL OWNERSHIP (BOI) REPORTING:

The Corporate Transparency Act (“CTA”) was enacted by U.S. Congress on January 1, 2021, as part of the National Defense Authorization Act. The CTA includes significant reforms to anti-money laundering laws and is intended to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. 

The CTA establishes a 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. Beneficial ownership reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury with an initial deadline of December 31, 2024.

A RECENT DEVELOPMENT regarding BOI Reporting:

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). This means the Financial Crimes Enforcement Network (FinCEN), as part of the Treasury Department, cannot currently enforce the Beneficial Ownership Information (BOI) Reporting Rule enacted pursuant to the CTA. The lawsuit asserted that the CTA is outside of Congress' power to regulate under the Commerce Clause and is therefore unconstitutional. 

Litigation continues and it is possible the federal government will appeal the preliminary injunction. NAR recommends that members consult legal counsel for legal advice regarding compliance and the implications of the preliminary injunction on their businesses. As of this writing, FinCEN's BOI Reporting entity remains open and is accepting BOI Reports, despite the preliminary injunction prohibiting FinCEN from implementing or enforcing the CTA and BOI Reporting Rule.

Be sure to register and attend NAR's no-cost Business Ownership Information (BOI) Reporting Rule webinar on December 10, 2024 from 2 – 3pm, for up-to-date information regarding the BOI Reporting Rule and the preliminary injunction. 

ZIPFORM RENEWAL FOR 2025:  

The annual Lone Wolf zipForms renewal process will begin on December 16. Upon logging into zipForms, when prompted, review and agree to the License Agreement and click Continue. After completing this process once, your account will be ready for 2025 if your membership dues are paid. The 2025 MAR Forms will automatically load into your library in mid-January. Watch MAR E-NEWS in January for the exact date for the 2025 forms.

REAL ESTATE FORECAST SUMMIT:

On December 12, from 1:00 – 2:15 p.m., NAR will hold a no-cost virtual economic and real estate summit that will provide a year-end review of 2025 and outlook on the real estate market and the economy for the year ahead.

A recording of the event will be made available to REALTORS® as a value-added resource. Registered attendees will receive an email with the link to the recording when available. Register below (no cost)

LUNCH AND LEARN: Elevate Your Value Proposition - JANUARY 8:

Join us on Wednesday, January 8th from 12:00 to 1:00 p.m. as we host Angie Javier of realtor.com with a program to Elevate Your Value Proposition for More Buyer-Seller Connections. Grab some lunch and join us via Zoom to learn more. No-cost registration is below.  

MAR FOUNDATION:

The Maine Association of REALTORS® Foundation has kicked-off its 2024 Local Board Matching Grant Program. On behalf of the Directors of the Maine Association of REALTORS® Foundation, thank you for your efforts to raise funds for affordable housing organizations in your communities. Keep Up the GOOD WORK! More information about the MAR Foundation and how to enroll.

TROUBLESHOOTING:

Clearing temporary internet files is a common troubleshooting step when a website does not show updated information. The method for clearing the cache and cookies depends on the browser you are using. Learn more here.

HEALTH INSURANCE

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 is November 1, 2024 through January 15, 2025, but the deadline is December 15, 2024 if you need coverage to begin January 1. 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 here.

2025 REALTOR® DUES – ALL ARE DUE IN DECEMBER:

Your 2025 REALTOR® dues are due in December (Greater Portland Board, Mid Coast Board, and Kennebec Valley were due on December 1) and local board late fees may be assessed beginning in early-December – some as early as December 2. You pay your dues through your local REALTOR® boards’ Member Portal (links in right margin or below if viewing on a cellphone).

Designated Brokers: Remember...dues must be paid for anyone licensed in a REALTOR® office as of January 1, 2025. If an agent plans to make their license status inactive or his/her license expires any time on/after January 1 and they do not plan to renew, you must inform the Maine Real Estate Commission in writing that the agent’s license is no longer affiliated with your company by December 31, 2024 or you, as DB, will be responsible for that agent's payment. 

THANK YOU for your membership!

Learn more about your MAR membership benefits

HOLIDAY SCHEDULES:

Defined in paragraph 23 of the Purchase and Sale Agreement (and Addenda): "days in this Agreement, including all addenda made a part hereof, shall mean business days defined as excluding Saturdays, Sundays and any observed Maine State/Federal holidays". The Maine State Holiday list is inclusive of all federal holidays. As always, the best approach to any confusing holiday is to communicate both with your client and the agent for the other side to be sure you have all counted the same way and have the same expectations.

Here’s the holiday schedule for 2024

Here’s the holiday schedule for 2025