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.
Section 5 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 10 adds to the current provisions on referral fees to require that referral fee agreements conform to the requirements of both state and federal law.
Sections 8 and 11 through 18 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 7 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 9 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 6 modifies the composition of the commission to require that one of the 3 broker members be a broker with experience in property management.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)