Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Real Estate Regulation topic
No spam. Unsubscribe anytime.
Committee approves changes to real estate rules, raises bond cap to $5,000
Summary
A committee approved Senate Bill 212 (companion to House Bill 382) to update several real estate rules, including allowing e‑payments for failed payments, clarifying team/branch office operations, and raising the regulatory bond cap from $2,500 to $5,000.
The committee approved Senate Bill 212, the companion to House Bill 382, which would update regulations governing real estate practice and the state real estate commission's enforcement options.
Senator Paulson presented the bill and an amendment that narrows residential property language and clarifies that teams may operate under the same broker without separate licensing fees; brokers must maintain records of who is operating as a team but are not required to file that paperwork with the commission. The bill also increases the maximum cap on the commission's bond from $2,500 to $5,000 to give the commission more flexibility to impose fines instead of resorting to license suspension.
A motion to pass the bill was made and seconded; the committee voted in favor with no recorded opposition in the transcript. The sponsor said the amendment addressed concerns raised by the Real Estate Commission and realtor stakeholders.
Ending: The committee thanked the presenter and moved the companion bills forward.
