Legislative Session number- 83

Bill Name: SF2379

E Recodifying and modifying certain real estate brokers and + salespersons
provisions ARTICLE 1 � CHANGES IN REAL ESTATE LAWProhibiting table funding;
expanding mortgage originator contract +requirements to disclosure of
cancellation rights and procedures; requiring +control of trust accounts by
unaffiliated accountants, attorneys or bank +officers or employees; subjecting
lenders causing unreasonable delay in +processing mortgage loan applications to
a penalty equal to the amount of +borrower out of pocket damages; clarifying
certain property seller disclosure +requirements; modifying a certain provision
prohibiting waiver of the rescission +period relating to purchaser right to
cancel; providing for declaratory +cancellation of purchase agreements ARTICLE
2 � RECODIFICATIONRecodifying certain provisions regulating real estate
licensees; +clarifying the definition of real estate broker and defining certain
additional +terms; clarifying a certain exemption from the prohibition on
commission +splitting and rebates; eliminating the requirement for real estate
brokers to +disclose agency relationships to sellers and prohibiting the
guaranteeing of future +profits and the discouragement of prospective parties
from seeking attorney +services; prohibiting certain fraudulent, deceptive and
dishonest practices; +regulating the payment of compensation to licensees;
expanding or modifying +certain disclosure requirements; modifying certain
licensing provisions; +specifying conditions for issuance of additional brokers
licenses; requiring +applicants for a real estate salespersons license to submit
to the commissioner +of commerce a copy of the course completion certificate;
specifying a +time limit to apply for a brokers license after successful
completion of the +examination, exception; authorizing the commissioner to
require further +information for licensing purposes; authorizing and providing
for automatic transfer +of salespersons licenses under certain conditions,
providing for +effectiveness, authorizing certain electronic communications;
requiring licensees to+ notify the commissioner of civil judgments, disciplinary
actions and +criminal offenses; authorizing and providing for commissioner
issuance of +temporary brokers permits under certain conditions and for
licensee or +applicant withdrawal of licenses or applications; providing for the
computation+ of time or duration for performance of certain activities;
prohibiting the +acceptance of cash in payment for services; requiring and
providing for refund +of fee overpayments; authorizing the commissioner to waive
the real estate +licensing experience requirement for the brokers examination
and to revoke or +suspend licenses for failure to file timely renewal
applications; exempting +certain previously licensed salespersons from certain
instruction and license cancellation requirements; eliminating the authority of
the +commissioner to approve certain courses of study; requiring notice to the
+commissioner of changes in licensing information and return to the commissioner
of +licenses cancelled for failure to complete postlicensing education
+requirements within a certain number of days; specifying the required score for
a passing +grade on examinations; modifying certain continuing education and
trust +account requirements; regulating guaranteed sale programs; authorizing
+commissioner license revocation or application denial by order under certain
+conditions; regulating loan brokers, specifying certain recordkeeping and
+disclosure requirements; regulating negotiations; requiring rental services to
+obtain a real estate brokers license before engaging in business and
+regulating the disclosure of rental unit information; specifying certain
standards +of conduct for real estate offices, authorizing license denial,
suspension or +revocation or licensee censure for failure to comply; requiring
brokers to +annually inform the commissioner of compliance with certain
requirements relating to +unclaimed property; specifying certain renumbering and
cross reference change instructions to the revisor of statutes; repealing
certain rules +regulating loan brokers (mk, ja)