A bill before Puerto Rico's House of Representatives, House Bill 1331, which proposes a new legal framework for the real estate business, has drawn mixed reactions from industry groups. The bill would repeal Law 10-1994, which currently regulates the industry. The Board of Real Estate Brokers, Sellers and Companies (Junta de Corredores), attached to the Department of State, opposed the measure.
Its president, Miguel Mercado, asked the House Government Commission, chaired by Rep. Víctor Parés Otero, to drop the bill and allow an ongoing institutional review to conclude. Mercado said the Board created a Committee on Amendments to Law 10 to develop recommendations for the Legislature, and argued full repeal isn't proven necessary versus amending the existing law.
He cited about a dozen concerns, including regulatory and operational conflicts, penal ambiguities flagged by the Office of Courts Administration (OAT), duplicated regulatory structures, inadequate transition protections for pending complaints and funds, and unjustified changes to bonds, education, and penalties. In contrast, the Puerto Rico Association of Realtors, the Puerto Rico Association of Landlords, and the Association of Puerto Rican Shopping Centers endorsed the bill, saying it would offer greater consumer protections in real estate transactions.