U. S. Representative Al Green (left) was presented with the Texas Association of REALTORS® Governmental Affairs Legacy Award on February 13 during the TAR 2011 Winter Meeting held at the Hyatt Regency in Austin. Shad Bogany, Federal Political Coordinator for Congressman Green, presented the Congressman with the award. This rare award was presented to Congressman Green because he listened to the concerns he heard from REALTORS® as a result of the passage of the Secure and Fair Enforcement for Mortgage Licensing Act, also known as the SAFE Act, which was signed into law in July, 2008.
The law placed restrictions that would limit sellers from using owner financing on property they owned and a licensing requirement for seller-financers who financed residential property, unless the seller was selling his or her primary homestead or selling the property to a direct family member. Congressman Green worked tirelessly with NAR and TAR leadership and staff to resolve their concerns. TAR supports legislation to reinstate a de minimis exception to residential mortgage lending licensing requirements for sellers who finance the sale of five or fewer properties in a 12-month period.