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🗞️ The Latest in AI: Europe leads the push to regulate AI

On Wednesday European lawmakers signed off on the world’s first comprehensive set of rules for artificial intelligence. If passed by a European Parliament vote, the rules could serve as a model for other parts of the world drafting similar regulations.

The EU’s Artificial Intelligence Act will govern any product or service that uses an artificial intelligence system. AI systems will be classified into four levels of risk, from minimal to unacceptable. Riskier applications will be held to stricter requirements, including being more transparent and using accurate data.

Each of the EU’s 27 member states are responsible for enforcing the rules. Violations could draw fines of up to 40 million euros or 7% of a company’s annual global revenue. Regulators could also force companies to withdraw their apps from the market.

The act prohibits certain uses of AI, including social scoring systems, predictive policing tools and remote facial recognition in public. An amendment providing law enforcement exceptions did not pass.

The next step for the act is a three-way negotiation period including member countries, the Parliament and the European Commission. Final approval is expected by the end of the year, but it could be years before the rules fully take effect.

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📸 Business Spotlight: Artificial intelligence cements its role in real estate

AI is transforming real estate. Major players such as Zillow are already implementing AI to help buyers find their perfect home and mortgage.

Most real estate data, such as land records, title documents and purchase price, is public. With AI, real estate agents can avoid the burden of going to local offices and obtaining all of this data. Instead, AI algorithms can go through millions of documents in seconds, including property values, debt levels, home renovations and a homeowner’s personal information.

Real estate companies are now using this technology in every aspect of buying, selling and home financing. LoanSnap, a mortgage lender based in San Francisco, is using AI to find the perfect loan type and investor for a borrower.

AI isn’t accomplishing anything that traditional research couldn’t do, but it is dramatically accelerating the process. This is crucial to real estate companies competing in a fast-moving market.

The utilization of AI is a win-win for agents and buyers. Since the pandemic, the supply of homes for sale has hit record lows while buyer demand has taken off. AI helps agents find new listings while all of the available data is making it easier for buyers to find exactly what they’re looking for.

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