2023 -- H 5366

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LC000807

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2023

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A N   A C T

RELATING TO BUSINESSES AND PROFESSIONS -- REAL ESTATE SALES

DISCLOSURES

     Introduced By: Representatives Baginski, Solomon, Finkelman, Dawson, and J. Brien

     Date Introduced: February 03, 2023

     Referred To: House Judiciary

     It is enacted by the General Assembly as follows:

     SECTION 1. Section 5-20.8-5 of the General Laws in Chapter 5-20.8 entitled "Real Estate

Sales Disclosures" is hereby amended to read as follows:

     5-20.8-5. Real estate disclosure form acknowledgement — Inclusion in real estate

sales agreements — Penalty for violation.

     (a) Every agreement for the purchase and sale of residential real estate located in the state

shall contain an acknowledgement that a completed real estate disclosure form has been provided

to the buyer by the seller.

     (b) Failure to provide the seller disclosure form to the buyer does not void the agreement

nor create any defect in title. Each violation of this statute by the seller or his or her agent is subject

to a maximum civil penalty in the amount of one hundred thousand dollars ($100 1,000) per

occurrence.

     SECTION 2. This act shall take effect upon passage.

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LC000807

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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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     This act would increase the civil penalty from one hundred dollars ($100) to a maximum

of one thousand dollars ($1,000), whenever a seller or their real estate agent fails to provide a

completed seller disclosure form to the buyer.

     This act would take effect upon passage.

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LC000807

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