Foreign Broker Bill Update

Dear CARNM Member,
We wanted to make you aware of a bill that has been submitted to modify last year’s Real Estate Commission Bill. As you will recall, last year’s bill eliminated the concept of Foreign Brokerage – meaning no broker from another state could conduct real estate activities in New Mexico unless they had a New Mexico real estate license.
Senate Bill 124, which is being carried by Phil Griego, amends the prior bill to allow out-of-state brokers (“foreign brokers”) to conduct business in New Mexico on commercial real estate transactions, provided that they have entered into a written, transaction-specific agreement with a licensed New Mexico broker and all communication with parties other than their client are conducted in concert with the licensed New Mexico broker.
This bill was drafted by a RANM Committee chaired by Jim Chynoweth and has the support of CARNM, the Real Estate Commission and RANM. It keeps the position of licensed New Mexico brokers strong, while recognizing a client’s desire for national real estate representation on commercial transactions.
Should you have any questions about this bill, please direct them to Jim Chynoweth, jim.chynoweth@cbre.com, or Ashley Strauss-Martin, astraussmartin@yahoo.com, with RANM.
Click here to view the Senate Bill 124 (aka the Foreign Broker Bill)