The bill amends Section 5-20.8-5 of the General Laws in Chapter 5-20.8, which is entitled "Real Estate Sales Disclosures." The amendment includes a new title for the section, now referred to as "Real estate disclosure form acknowledgement — Inclusion in real estate sales agreements — Penalty for violation." The bill mandates that every agreement for the purchase and sale of residential real estate in the state must include an acknowledgment that the seller has provided a completed real estate disclosure form to the buyer.

The bill also revises the penalty for a seller's or their agent's failure to provide the disclosure form to the buyer. Previously, the penalty for such a violation was a flat one hundred dollars ($100), but the bill increases this to a maximum civil penalty of one thousand dollars ($1,000) per occurrence. The act specifies that the failure to provide the disclosure form does not void the agreement or create any defect in title. The bill will take effect immediately upon passage.

Statutes affected:
5366: 5-20.8-5