Puerto Rico lawmakers are considering House Bill 1331, a 77-page measure that would create the Puerto Rico Real Estate Regulation Act, repealing Act 10-1994. The bill, filed by Reps. Carlos 'Johnny' Méndez-Núñez and Yashira Lebrón-Rodríguez, aims to update rules for real estate transactions, licensing, consumer protection, and disciplinary procedures.
The measure cites technological advances, globalization, and new business practices as reasons for the update. A new Puerto Rico Real Estate Regulatory Board would be created, attached to the Department of State, with seven members appointed by the governor. The board would issue, renew, and revoke licenses, maintain a digital professional registry, and handle complaints.
The bill also proposes requirements for continuing education, with brokers and salespeople needing at least six hours of education per year. The measure frames the overhaul as a consumer-protection effort, including protections for older adults against financial exploitation and transactional fraud.