FOR IMMEDIATE RELEASE WEDNESDAY, AUGUST 17, 2005 WWW.USDOJ.GOV AT (202) 514-2007 TDD (202) 514-1888 WASHINGTON, D.C. - The Department of Justice announced today that the South Dakota Real Estate Commission, in response to an investigation by the Departments Antitrust Division, has rescinded two rulings that prohibited South Dakota real estate brokers from offering rebates, inducements, and other discounts to consumers. The Commission advised the Department of its action in a letter received today.
The Commission voted unanimously, on June 30, 2005, to repeal, cancel, and nullify the Commissions Declaratory Rulings 93-1 and 03-01. Subsequently, the Commission notified all South Dakota real estate brokers that they now are free to offer commission rebates, incentives, and other discounts to buyers and sellers. In its letter, the Commission assured the Department that the South Dakota Real Estate Commission will refrain from instituting any kind of prohibition that would ban licensees from offering rebates and inducements. The rescission of the Commissions rulings is a good result for South Dakotas consumers of real estate brokerage services, said Thomas O. Barnett, Acting Assistant Attorney General in charge of the Departments Antitrust Division. These consumers can expect to benefit from increased competition through broker-offered rebates, incentives, and discounts. We are pleased that the Commission took quick action to address the competition issues raised during the Divisions investigation. Since early June 2005, the Departments Antitrust Division has been investigating the Commissions rulings, which prevented South Dakota brokers from competing with each other for buyers and sellers of real estate services by offering rebates, discounts, and other incentives. 05-422
Source: US Department of Justice
