FULTON COUNTY, Ga. — A company that has been the focus of a series of Channel 2 Action News investigations has been ordered to let consumers out of their contracts.
In Georgia, Attorney General Chris Carr filed a motion for summary judgment against MV Realty and its Georgia contracts. He asked a judge to terminate all MV Realty liens and cease the collection of termination fees.
Last week, Fulton County Judge Emily K. Richardson granted Carr’s motion.
Channel 2 Consumer Investigator Justin Gray has been investigating MV Realty and its 40-year listing agreements for the past four years.
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The judge’s order will allow consumers to get out of their 40-year contracts with MV Realty. It also orders the company to dismiss any lawsuits they have taken out they have against Georgia customers.
The company will also not be allowed to attempt to get any commission back or charge consumers a termination fee or other penalty.
MV Realty cuts homeowners an immediate check. In return, you either list your home with an MV Realty agent or pay a penalty equivalent to 3% of the sale price of the house. And the term of the deal is for the next 40 years.
Since Channel 2 Action News and our sister stations across the country started investigating MV Realty, Attorneys General in 12 states including Georgia have sued the company, and 29 states, including Georgia, have passed laws targeting the company.
But a 2023 change to Georgia law did not impact MV Realty contracts currently on the books, only future contracts.
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- GA Attorney General sues realty company for trying to enforce illegal 40-year listing agreements
- Governor signs new law tied to Channel 2 investigations into controversial real estate deals
Judge Richardson’s order calls for a hearing to be held at a later date to determine civil penalties.
“MV Realty’s predatory loan scheme put thousands of Georgians at risk of losing everything they had worked so hard to earn. We took action to protect homeowners across the state, and we were able to deliver critical relief when they needed it most. This is a major win for families and seniors, and we’ll keep fighting for them each day,” Carr wrote in a statement.
MV Realty customers can get their frequently asked questions answered by clicking here.
You can read the full order below.
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