Thanks to thousands of CCIMs, CPM®s and REALTORS® who personally contacted their Senators via the NAR Action Center and CCIM's Call for Action, the United States Senate on March 10, 2005 passed The Bankruptcy Abuse Prevention and Consumer Protection Act, S. 256. The final vote for passage was 74-25. The CCIM Institute has lobbied this legislation for five years, and once signed into law will benefit with four long-sought after commercial real estate provisions:
- eliminates the cap on single asset bankruptcies;
- provides new protections for shopping center owners;
- closes the loophole which allows rental housing tenants to avoid eviction;
- provides that homeowner and condo association fees be non-dischargeable.
Over 9,300 REALTORS® and CCIMs responded to the Bankruptcy Call for Action. Your active involvement was a key factor in the Senate vote. The bill now moves to the House of Representatives for consideration.