WASHINGTON, April 29, 2015 /PRNewswire/ -- The following is a statement by National Association of Realtors® President Chris Polychron regarding the Protecting American Talent and Entrepreneurship (PATENT) Act of 2015 introduced in the U.S. Senate today by Judiciary Committee Chairman Charles Grassley, Ranking Member Patrick Leahy and Sens. John Cornyn, Orrin Hatch, Mike Lee, Chuck Schumer and Amy Klobuchar:
"NAR supports the reforms in the PATENT Act introduced in the U.S. Senate today to protect American businesses from broad claims of patent infringement based on patents of questionable validity.
"Realtors® lead the real estate industry by embracing new technology and innovation that provide consumers with services that are fast, convenient and comprehensive. Unfortunately, avid technology users are unknowingly putting themselves at risk for litigation brought on by so-called patent trolls who buy questionable and overly vague patents, often by the hundreds or thousands, and use them to demand that operating companies pay a licensing fee or face litigation. NAR members know firsthand that patent trolls divert significant time and money away from their businesses and strongly support legislation to curb those abuses.
"The comprehensive reforms proposed in the PATENT Act, including to demand letters, are a good first step toward strengthening and restoring an essential balance to the patent litigation system, which has been urgently needed for years.
"NAR is grateful to Senate Judiciary Committee Chairman Charles Grassley, Ranking Member Patrick Leahy, and Sens. John Cornyn, Orrin Hatch, Mike Lee, Chuck Schumer and Amy Klobuchar for their bipartisan leadership on this issue."
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the "News, Blogs and Videos" tab on the website.
SOURCE National Association of Realtors