HB1177: Home ownership.

Legislative Summary

Home ownership. Provides that Indiana law regulating telephone sales calls applies to a telephone solicitation that: (1) is made by a telephone solicitor that is not a licensed real estate broker; and (2) communicates to a consumer: (A) an offer to purchase; (B) an offer to broker, or otherwise assist or act as an intermediary in, the sale of; or (C) an inquiry regarding the consumer's interest in selling; residential real property that was not publicly offered for sale, or advertised as being for sale, at any time during the 30 days preceding the date on which the telephone solicitation is made (unsolicited home purchase inquiries). Provides that a telephone solicitor that is not a licensed real estate broker may not make more than one unsolicited home purchase inquiry to the same consumer in a single calendar year. Provides that an investment firm may not enter into an executory contract for the purchase of a single family residence until not less than 90 days after the residence is listed for sale. Requires an investment firm to be represented by a licensed real estate broker who is not an employee of the investment firm or any of its subsidiaries to enter into an executory contract for the purchase of a single family residence. Makes a technical correction.