CHAPTER 256

FORMERLY

SENATE SUBSTITUTE NO. 1

TO

SENATE BILL NO. 356

AS AMENDED BY SENATE AMENDMENT NO. 1

AN ACT TO AMEND VOLUME 67, CHAPTER 171, LAWS OF DELAWARE, RELATING TO DISCIPLINARY ACTION AGAINST REAL ESTATE BROKERS, SALESPERSONS, AND APPRAISERS.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend Volume 67, Chapter 171, Caws of Delaware, by redesignating §2912 (9) as §2912 (10) and inserting a new subsection §2912 (9) to read as follows:

"(9) Receiving or making an arrangement or agreement to receive, directly or indirectly, any form of valuable consideration in exchange for the placement of, or favor in, any business transaction, or any business transaction or transactions incidental thereto, negotiated or handled by said broker, salesperson, or appraiser as agent unless, prior to the time of the placement of, or favor in, said business transaction, the broker, salesperson or appraiser shall have fully disclosed in writing to the parties to such business transaction for whom the broker, salesperson or appraiser is acting as agent the existence of such agreement or arrangement. Nothing in this subsection shall be deemed as limiting the right of a broker, salesperson or appraiser to arrange for and receive valuable consideration for the rendition of any real estate related service in connection with any business transaction which is in addition to those services which the broker, salesperson or appraiser is obligated to provide pursuant to the written agency agreement with one or more of the parties to such business transaction, so long as all parties are, as required above, notified in writing of the existence of such agreement or arrangement."

Section 2. New §2912(9) of Title 24, Delaware Code shall be incorporated into the Commission's handbook not later than 30 days after the effective date of this Act.

Approved June 29, 1990.