House bill seeks to repeal Puerto Rico's 30-year-old real estate broker law

A bill filed in the House of Representatives that proposes fully repealing the law that has regulated Puerto Rico's real estate industry for more than three decades has split the sectors that depend on it, as became clear during a recent public hearing before the chamber's Government Commission ¹². House Bill P. de la C. 1331, filed on June 29, 2026 by House Speaker Carlos "Johnny" Méndez Núñez and Representative Yashira M. Lebrón Rodríguez, with Representative Joel Franqui Atiles as co-author, would create a new "Law for the Regulation of Real Estate in Puerto Rico" and repeal Law 10-1994 ¹².

Law 10-1994, known as the Law to Regulate the Real Estate Business and the Profession of Broker, Seller or Real Estate Company, took effect on April 26, 1994, and has been amended repeatedly over the years, which supporters of the new bill say has left provisions that now conflict with one another ¹³. For an island where buying a home is already an uphill climb — median family income falls far short of what today's mortgage market demands — any change to the rules governing those who sell, lease and finance property has a direct effect on consumers' pockets.

The numbers and who stands where

The bill carries no assigned budget figure, but it does bring structural changes: more continuing-education requirements for brokers and salespeople, new legal and ethical duties, digital access guarantees for license applicants, updated prohibitions against misleading digital marketing — such as altered property photos or descriptions meant to misrepresent a listing — and specific protections against fraud and financial exploitation, with emphasis on older adults ¹².

Supporting the measure are the Puerto Rico Association of Realtors (PRAR), the Puerto Rico Landlords Association (AAPR), the Puerto Rico Shopping Centers Association (ACCP) and the Housing Finance Authority (AFV), which argued the reform would bring meaningful benefits to the island's mortgage financing system ¹. PRAR president Kristina Fábregas said the new education, training and duty requirements raise the standards under which the profession operates ¹².

Opposing the bill is the Board of Brokers, Salespeople and Real Estate Companies, whose president, Miguel Mercado, asked the Government Commission to pull the measure from the legislative process and let a review that the Board had already begun on the current law run its course ¹². Mercado argued that modernizing doesn't require discarding three decades of regulatory experience, and warned that a full, unconditional repeal leaves gaps around the continuity of open cases, pending complaints and fund transfers between brokers and clients ¹². The Office of Courts Administration also flagged ambiguities in the bill's penal provisions ¹.

The Department of Economic Development and Commerce (DDEC) warned the new requirements could become a barrier to entry for new brokers and small companies, while the Department of Consumer Affairs (DACO) backed the bill's intent but asked for a full fiscal and operational impact analysis before it advances ¹². Also participating in the hearing were Representatives José "Cheito" Hernández Concepción, Ángel "Tito" Fourquet Cordero, Denis Márquez Lebrón, Ricardo "Chino" Ocasio Ramos and José "Che" Pérez Cordero ².

What this means for you

If you're a broker, salesperson or owner of a real estate company licensed under Law 10-1994, this bill could change your continuing-education requirements, your ethical duties toward clients, and the rules on how you can advertise a property on social media and digital platforms. If you're a buyer or renter, the anti-fraud protections and rules against misleading property photos or descriptions — a problem legitimate brokers have already flagged amid a rise in social-media scams — could give you more recourse if you end up in a bad-faith transaction. And if you're working through a mortgage, AFV's position suggests the financing sector sees a reform that, in their view, brings more order to the market as a positive.

How to act / Checklist

1. If you hold a broker, salesperson or real estate company license, track the status of P. de la C. 1331 on camara.pr.gov to see whether the Government Commission amends it, shelves it, or sends it to a floor vote.
2. If you have a pending complaint before the Board of Brokers, Salespeople and Real Estate Companies, document its current status — opponents of the bill specifically cite the lack of clarity on what happens to open cases if Law 10-1994 is repealed.
3. If you're buying or renting, save screenshots of any property listing you suspect has been altered or misrepresents the property; that's exactly the kind of conduct the bill aims to penalize more strictly.
4. If you're an older adult or manage property for an elderly family member, ask for verifiable references from any broker before signing anything, since protections against financial exploitation of this group are one of the bill's central pillars.
5. Follow any additional public hearings the House Government Commission, chaired by Representative Víctor Parés Otero, holds on this measure before it moves to a floor vote.

What's next

The bill's own authors, including Representative Lebrón Rodríguez, said they remain open to amendments if the industry and concerned agencies justify them, rather than insisting on an unconditional full repeal ¹². That leaves the door open to an amended version of P. de la C. 1331 that could preserve parts of Law 10-1994 while folding in the new consumer protections and continuing-education requirements. The Government Commission now has to reconcile the warnings from DDEC and the Board of Brokers with the backing from PRAR and AFV before the measure can reach a floor vote in the full House.

Sources

1. NotiCel — "Opiniones divididas sobre medida de la Cámara que crearía nueva ley de bienes raíces"
2. Primera Hora — "Opiniones divididas por medida que crearía nueva ley de bienes raíces"
3. Office of Management and Budget — Text of Law 10-1994
4. Puerto Rico Association of REALTORS (PRAR) — Podcast Ep. 1: P. de la C. 1331 and Puerto Rico's Real Estate Future