Sunset Process - Senate Business, Labor, and Technology Committee. Sections 1 through 4 of the bill continue the division of real estate, the real estate commission, and the regulation of real estate brokers and subdivision developers for 9 years, until 2026.
Sections 5 and 6 specifically identify, and create a license endorsement for, brokers who act as property managers, including prescribed education and financial surety as conditions for the endorsement.
Section 7 directs the real estate commission (commission) to establish, by rule, the number of transactions that a broker must have completed before becoming an employing broker.
Section 12 amends the current provisions on referral fees to conform to the requirements of federal law.
Sections 10 and 13 through 20 consolidate the various cash funds used for several licensing functions and programs administered by the division of real estate into a single cash fund.
Section 9 makes broker licenses expire uniformly on December 31 rather than requiring licensees to apply for renewal at various times throughout the year on their individual anniversary dates.
Section 11 defines 'conviction' to include deferred judgments and deferred sentences, in provisions listing factors the commission may consider when determining whether to discipline a licensee.
Section 8 modifies the composition of the commission to require that one of the 3 broker members be a broker with experience and an active practice in property management.
(Note: This summary applies to this concurrent resolution as introduced.)