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S1322.......................................by COMMERCE AND HUMAN RESOURCES
REAL ESTATE - Amends existing law relating to real estate licensees to
define terms; and to revise provisions relating to individual primary
licenses, reciprocal licenses, license renewals, active and inactive
license status, personal and office information changes, changes in
licensed business relationships and the deposit of entrusted moneys.
01/23 Senate intro - 1st rdg - to printing
01/24 Rpt prt - to Com/HuRes
01/30 Rpt out - rec d/p - to 2nd rdg
01/31 2nd rdg - to 3rd rdg
02/01 3rd rdg - PASSED - 32-0-3
AYES -- Boatright, Branch, Brandt, Burtenshaw, Cameron, Darrington,
Davis, Deide, Dunklin, Frasure, Geddes, Goedde, Hawkins, Hill, Ipsen,
Keough, King-Barrutia, Little, Lodge, Marley, Noh, Richardson, Risch,
Sandy, Schroeder, Sims, Sorensen, Stegner, Stennett, Thorne(Thorne),
Wheeler, Williams
NAYS -- None
Absent and excused -- Andreason, Bunderson, Ingram
Floor Sponsor - Goedde
Title apvd - to House
02/04 House intro - 1st rdg - to Com/HuRes
02/08 Rpt out - ref'd to Bus
02/26 Rpt out - rec d/p - to 2nd rdg
02/27 2nd rdg - to 3rd rdg
03/06 3rd rdg - PASSED - 67-0-3
AYES -- Aikele, Barraclough, Barrett, Bell, Bieter, Black, Block,
Boe, Bolz, Bradford, Bruneel, Callister, Campbell, Clark, Collins,
Crow, Cuddy, Deal, Denney, Ellis, Ellsworth, Eskridge, Field(13),
Field(20), Gagner, Gould, Hadley, Hammond, Harwood, Henbest,
Hornbeck, Jaquet, Jones, Kellogg(Duncan), Kendell, Lake, Langford,
Loertscher, Mader, Martinez, McKague, Meyer, Montgomery, Mortensen,
Moyle, Pearce, Pischner, Pomeroy, Raybould, Ridinger, Roberts,
Robison, Sali, Schaefer, Sellman, Shepherd, Smith(33), Smith(23),
Smylie, Stevenson, Stone, Tilman, Trail, Wheeler, Wood, Young, Mr.
Speaker
NAYS -- None
Absent and excused -- Bedke, Higgins, Kunz
Floor Sponsor - Meyer
Title apvd - to Senate
03/07 To enrol
03/08 Rpt enrol - Pres signed
03/11 Sp signed
03/12 To Governor
03/22 Governor signed
Session Law Chapter 220
Effective: 07/01/02
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature Second Regular Session - 2002
IN THE SENATE
SENATE BILL NO. 1322
BY COMMERCE AND HUMAN RESOURCES COMMITTEE
1 AN ACT
2 RELATING TO IDAHO REAL ESTATE LICENSE LAW; AMENDING SECTION 54-2004, IDAHO
3 CODE, TO REVISE AND DEFINE TERMS; AMENDING SECTION 54-2012, IDAHO CODE, TO
4 MAKE A TECHNICAL CHANGE, TO PROVIDE THAT APPLICANTS SHALL FILE NEW
5 FINGERPRINTS IF ORIGINAL FINGERPRINTS SUBMITTED TO THE COMMISSION ARE
6 DEEMED ILLEGIBLE AND TO PROVIDE FOR AN ALTERNATIVE METHOD FOR VERIFICATION
7 OF LISTINGS AND SALES REPORTS; AMENDING SECTION 54-2015, IDAHO CODE, TO
8 MAKE A GRAMMATICAL CORRECTION; AMENDING SECTION 54-2016, IDAHO CODE, TO
9 PROVIDE CORRECT TERMINOLOGY; AMENDING SECTION 54-2017, IDAHO CODE, TO PRO-
10 VIDE THAT RECIPROCAL LICENSES SHALL BE ISSUED AND MAINTAINED AS THE SAME
11 TYPE AND STATUS AS THE LICENSEE'S PRIMARY LICENSE AND TO REMOVE LANGUAGE
12 PROVIDING THAT CERTAIN LICENSES SHALL BE MADE INACTIVE; AMENDING SECTION
13 54-2018, IDAHO CODE, TO REMOVE OBSOLETE LANGUAGE, TO PROVIDE CORRECT TER-
14 MINOLOGY, TO MAKE TECHNICAL CHANGES, TO REVISE PROVISIONS RELATING TO
15 LICENSE RENEWAL AND LATE RENEWAL OF A LICENSE, TO REVISE PROVISIONS RELAT-
16 ING TO ACTIVE AND INACTIVE LICENSE STATUS AND TO PROVIDE THAT BROKERS
17 SHALL SUBMIT WRITTEN NOTICE OF CHANGES IN PERSONAL INFORMATION AND SHALL
18 REMOVE FROM PUBLIC VIEW LICENSE CERTIFICATES BEARING OUTDATED INFORMATION;
19 AMENDING SECTION 54-2020, IDAHO CODE, TO PROVIDE CORRECT TERMINOLOGY AND
20 TO PROVIDE FOR A FEE FOR THE COMPILATION OF CERTIFIED COPIES OF A
21 LICENSEE'S EDUCATION OR LICENSE HISTORY; AMENDING SECTION 54-2040, IDAHO
22 CODE, TO MAKE GRAMMATICAL CHANGES, TO PROVIDE THAT BROKERS SHALL REMOVE
23 FROM PUBLIC VIEW LICENSE CERTIFICATES BEARING OUTDATED INFORMATION, TO
24 PROVIDE CORRECT TERMINOLOGY AND TO MAKE TECHNICAL CHANGES; AMENDING SEC-
25 TION 54-2041, IDAHO CODE, TO PROVIDE CORRECT TERMINOLOGY AND TO PROVIDE
26 THAT ONLY MONEYS RELATING TO REGULATED REAL ESTATE TRANSACTIONS MAY BE
27 DEPOSITED IN A BROKER'S REAL ESTATE TRUST FUND ACCOUNT; AMENDING SECTION
28 54-2054, IDAHO CODE, TO REMOVE A CODE REFERENCE AND TO MAKE A TECHNICAL
29 CORRECTION; AMENDING SECTION 54-2056, IDAHO CODE, TO PROVIDE CORRECT TER-
30 MINOLOGY, TO MAKE A TECHNICAL CHANGE, TO PROVIDE FOR WRITTEN NOTICE OF
31 TERMINATION OF LICENSED ASSOCIATIONS, TO PROVIDE THAT BROKERS SHALL REMOVE
32 FROM PUBLIC VIEW A FORMER ASSOCIATE'S LICENSE CERTIFICATE UPON TERMINA-
33 TION, TO PROVIDE THAT BROKERS SHALL SUBMIT WRITTEN APPLICATIONS FOR EACH
34 SALES ASSOCIATE LICENSING WITH THE BROKER AND TO PROVIDE THAT BROKERS
35 SHALL PROVIDE WRITTEN NOTICE OF THE CLOSURE OF A BRANCH OFFICE AND IMMEDI-
36 ATELY REMOVE FROM PUBLIC VIEW LICENSE CERTIFICATES BEARING OUTDATED INFOR-
37 MATION; AND AMENDING SECTION 54-2079, IDAHO CODE, TO PROVIDE CORRECT TER-
38 MINOLOGY, TO MAKE TECHNICAL CHANGES AND TO PROVIDE THAT A BROKER WHO TER-
39 MINATES A SALES ASSOCIATE SHALL PROMPTLY FILE A WRITTEN STATEMENT OF FACTS
40 WITH THE COMMISSION.
41 Be It Enacted by the Legislature of the State of Idaho:
42 SECTION 1. That Section 54-2004, Idaho Code, be, and the same is hereby
43 amended to read as follows:
2
1 54-2004. DEFINITIONS. As used in this chapter:
2 (1) "Active license" means the status of a real estate license that has
3 not been inactivated, expired, terminated, suspended or revoked.
4 (2) "Associate broker" means an individual who has qualified personally
5 as a real estate broker in Idaho under this chapter, but is licensed under,
6 associated with and represents a designated broker in the performance of any
7 act described in subsection (25) of this section.
8 (23) "Branch office" means an office operated by a licensed real estate
9 broker or licensed legal business entity, separate and apart from the main
10 office. A branch office may be licensed or unlicensed, in accordance with this
11 chapter.
12 (34) "Brokerage agreement" means a written contract between a buyer,
13 seller, or both, and a real estate brokerage for agency representation in a
14 regulated real estate transaction.
15 (45) "Brokerage company" means a real estate business, whether a sole
16 proprietorship, a legal entity, or any other licensed person engaged in acts
17 requiring a real estate license in Idaho, and which is conducting or holding
18 itself out as conducting the business of real estate through a designated bro-
19 ker.
20 (56) "Business name" means the name that appears on the real estate
21 broker's license issued in which the brokerage company is licensed by the com-
22 mission.
23 (67) "Business opportunity" means and includes an established business,
24 good will of an established business, or any interest therein, or any one (1)
25 or combination thereof, where a sale or transfer of an interest in land
26 including, but not limited to, an assignment of a lease, is involved in the
27 transaction.
28 (78) "Commission" means the Idaho real estate commission, unless the con-
29 text clearly indicates a different meaning.
30 (89) "Convicted" means a plea of nolo contendere or guilty, a jury ver-
31 dict of guilty or a court decision of guilt whether or not a judgment or sen-
32 tence has been imposed, withheld or suspended.
33 (910) "Cooperative sale" means a transaction involving two (2) or more
34 brokers.
35 (101) "Council" means the Idaho real estate education council.
36 (112) "Dealer in options" means any person, firm, partnership, association
37 or corporation who shall directly or indirectly take, obtain or use options to
38 purchase, exchange, lease option or lease purchase real property or any inter-
39 est therein for another or others whether or not the options shall be in his
40 or its name and whether or not title to the property shall pass through the
41 name of the person, firm, partnership, association or corporation in connec-
42 tion with the purchase, sale, exchange, lease option or lease purchase of the
43 real property, or interest therein.
44 (123) "Designated broker" means an individual who is licensed as a real
45 estate broker in Idaho and who is designated by the brokerage company to be
46 responsible for the supervision of the brokerage company and the activities of
47 any associated licensees in accordance with this chapter.
48 (134) "Distance learning course" means, in relation to a real estate
49 course offering, a real estate course that is delivered, not as a live course,
50 but through a medium in which the instructor and student are separated by dis-
51 tance or time.
52 (145) "Double contract" means two (2) or more written or unwritten con-
53 tracts of sale, purchase and sale agreements, loan applications, or any other
54 agreements, one (1) of which is not made known to the prospective loan under-
55 writer or the loan guarantor, to enable the buyer to obtain a larger loan than
3
1 the true sales price would allow, or to enable the buyer to qualify for a loan
2 which he or she otherwise could not obtain. An agreement or loan application
3 is not made known unless it is disclosed in writing to the prospective loan
4 underwriter or loan guarantor.
5 (156) "Executive director" means the executive director of the Idaho real
6 estate commission.
7 (17) "Expired license" means the status of a license when the license
8 period has expired and the license is not renewed or provisional license
9 granted, and before the license is terminated.
10 (168) "Fee or commission" means a payment, actual, promised or expected,
11 as compensation for the performance of any act requiring a real estate
12 license.
13 (19) "Inactive license" means the status of a license that is not expired,
14 terminated, suspended or revoked, and during which inactive period the license
15 holder is not authorized to act as or associate with a designated broker.
16 (1720) "Legal business entity" means and includes any type of corporation,
17 partnership, limited liability company or limited liability partnership, a
18 governmental entity, trust or other entity capable of conducting business.
19 (1821) "Licensee" means any person who is licensed in accordance with this
20 chapter to engage in the business or act in the capacity of real estate bro-
21 ker, associate broker or real estate salesperson.
22 (1922) "Limited broker" means a broker individually qualified to do busi-
23 ness in Idaho, but who may not have associate brokers or salespersons licensed
24 with that broker.
25 (203) "Live presentation" means, in reference to a real estate course
26 offering, a real estate course that is personally presented by the instructor
27 and personally attended by the student at the same facility.
28 (214) "Main office" means the principal location where the real estate
29 broker is licensed to transact business.
30 (225) "Person" means and includes an individual, or any legal business
31 entity.
32 (236) "Primary Idaho license" means an Idaho real estate license that is
33 not contingent upon continuance of a license in another state or jurisdiction.
34 (247) "Provisional license" means an extension of the period of active
35 licensure, beyond the licensee's expiration date, granted by the commission
36 for the purpose of allowing the licensee to complete the continuing education
37 requirements set forth in section 54-2023, Idaho Code, or for any other pur-
38 pose allowed by this chapter.
39 (258) "Real estate broker" means and includes:
40 (a) Any person other than a real estate salesperson, who, directly or
41 indirectly, while acting for another, for compensation or a promise or an
42 expectation thereof, engages in any of the following: sells, lists, buys,
43 or negotiates, or offers to sell, list, buy or negotiate the purchase,
44 sale, option or exchange of real estate or any interest therein or busi-
45 ness opportunity or interest therein for others;
46 (b) Any actively licensed broker while, directly or indirectly, acting on
47 the broker's own behalf;
48 (c) Any person who represents to the public that the person is engaged in
49 any of the above activities;
50 (d) Any person who directly or indirectly engages in, directs, or takes
51 any part in the procuring of prospects, or in the negotiating or closing
52 of any transaction which does or is calculated to result in any of the
53 acts above set forth;
54 (e) A dealer in options as defined in this section.
55 (269) "Real estate salesperson" or "salesperson" means any person who has
4
1 qualified and is licensed as a real estate salesperson in Idaho under this
2 chapter, and is licensed under, associated with, and represents a designated
3 broker in the performance of any act described in subsection (258) of this
4 section.
5 (30) "Real estate settlement procedures act" means the real estate settle-
6 ment procedures act of 1974, as amended, 12 U.S.C. section 2601 et seq., and
7 as in effect on January 1, 2001.
8 (2731) "Reciprocal license" means an Idaho real estate license that is
9 issued pursuant to the terms of a specific, written reciprocal agreement
10 between Idaho and another state or jurisdiction, and that is contingent upon
11 the licensee's maintaining a license in the other state or jurisdiction.
12 (2832) "Regulated real estate transaction" means those real estate trans-
13 actions for which a real estate license is required under chapter 20, title
14 54, Idaho Code.
15 (2933) "Responsible broker" means the designated broker in the regulated
16 real estate transaction who is responsible for the accounting and transaction
17 files for the transaction, in the manner described in section 54-2048, Idaho
18 Code.
19 (34) "Revoked license" means a license that has been permanently revoked
20 by the issuing authority.
21 (305) "Sales associate" means a salesperson or an associate broker
22 licensed under and associated with a designated broker.
23 (316) "State or jurisdiction" means and includes any of the fifty (50)
24 states and any foreign jurisdiction that issue real estate licenses substan-
25 tially similar to those provided for in this chapter.
26 (327) "Successfully completed" means, in reference to a real estate course
27 offering, completing all required course hours and, except where the licensee
28 seeks continuing education credit for having regularly attended the live pre-
29 sentation of a course, passing a commission-approved final examination.
30 (38) "Surrendered license" means a license that has been voluntarily ter-
31 minated or surrendered by a licensee who, at the time of the voluntary termi-
32 nation or surrender, was under investigation or named in a formal administra-
33 tive complaint.
34 (339) "WallSuspended license" means the certificate of a license issued by
35 the commission that has been temporarily suspended by the issuing authority.
36 SECTION 2. That Section 54-2012, Idaho Code, be, and the same is hereby
37 amended to read as follows:
38 54-2012. MINIMUM REQUIREMENTS FOR AN INDIVIDUAL PRIMARY IDAHO LICENSE.
39 (1) Requirements for all individual primary licenses. Unless a qualification
40 is waived or modified by the commission for good cause and upon special con-
41 sideration, and except as provided in section 54-2015, Idaho Code, each person
42 seeking a primary Idaho real estate license as a salesperson, associate broker
43 or designated broker shall meet all of the following minimum qualifications:
44 (a) Be an individual;
45 (b) Be eighteen (18) years of age or older;
46 (c) Furnish satisfactory proof that the applicant graduated from an
47 accredited high school or its equivalent or holds a certificate of general
48 education;
49 (d) Not have had a real estate or other professional or occupational
50 license revoked, suspended, or surrendered, or the renewal refused, for a
51 disciplinary violation involving fraud, misrepresentation or dishonest or
52 dishonorable dealing, in Idaho or any other jurisdiction, within five (5)
53 years immediately prior to the date the application for license is submit-
5
1 ted to the commission;
2 (e) Not have been convicted, issued any fine, placed on probation,
3 received a withheld judgment or completed any sentence of confinement for
4 or on account of any felony, or any misdemeanor involving fraud, misrep-
5 resentation or dishonest or dishonorable dealing, in a state or federal
6 court, within five (5) years immediately prior to the date the application
7 for license is submitted to the commission;
8 (f) Complete all prelicense education requirements as provided for in
9 section 54-2022, Idaho Code, for a salesperson's or broker's license;
10 (g) Pass the commission-approved real estate licensing exam for a sales
11 or broker license in the time and manner stated in section 54-2014, Idaho
12 Code, and pay the required exam fees;
13 (h) Be fingerprinted by an authorized law enforcement agency, and file
14 these fingerprints with the commission for the purpose of determining
15 whether the qualifications for licensure are fulfilled.; tThe fingerprints
16 will be forwarded to the federal bureau of investigation or the Idaho
17 department of law enforcement;. If the fingerprints are returned to the
18 commission as illegible the applicant shall, upon request from the commis-
19 sion, be fingerprinted again and file the new fingerprints with the com-
20 mission. Aall fees charged by the commission and the law enforcement
21 agency for fingerprint services shall be paid by the applicant;
22 (i) Sign and file with the commission an irrevocable consent to service,
23 appointing the commission's executive director to act as the licensee's
24 agent upon whom all judicial and other process or legal notices directed
25 to such licensee may be served, and consenting that any lawful process
26 against the licensee that is served upon the executive director shall be
27 of the same legal force and validity as if served upon the licensee and
28 that the authority shall continue in force so long as any liability
29 remains outstanding in this state. Upon receipt of any such process or
30 notice, the executive director shall immediately mail a copy of the same
31 by certified mail to the last known business address of the licensee. All
32 licensees shall provide the commission a full and current mailing address
33 and shall immediately notify the commission in writing of any change in
34 mailing address;
35 (j) If licensing as an active salesperson or associate broker, provide
36 the name and physical address of the main business location of the desig-
37 nated broker with whom the applicant will be licensed, and the signature
38 of that broker; or, if licensing as a designated broker, provide the name
39 and physical address of the main business location. No Idaho sales associ-
40 ate may be licensed under or associated with more than one (1) Idaho bro-
41 ker at a time;
42 (k) Submit a properly completed application and all license, application
43 and other fees listed in section 54-2020, Idaho Code, or as otherwise
44 required by statute or rule; and
45 (l) Provide satisfactory proof of meeting the mandatory errors and omis-
46 sions insurance requirement for real estate licensees, as stated in sec-
47 tion 54-2013, Idaho Code.
48 (2) Additional requirements for broker and associate broker licenses.
49 Applicants seeking a primary Idaho license as a broker or associate broker
50 shall meet the additional following qualifications:
51 (a) Provide satisfactory evidence of having been actively engaged, on a
52 full-time basis, for two (2) years as a licensed real estate salesperson
53 within five (5) years immediately prior to the date upon which the indi-
54 vidual makes application. Such evidence shall demonstrate the
55 productiveness of the licensed activity to have been generally commensu-
6
1 rate with that of other licensees practicing in a similar capacity. List-
2 ings, sales, options or other licensed activities may be considered by the
3 commission in determining whether the applicant meets this qualification.
4 (i) A broker or associate broker applicant may be required to fur-
5 nish a report of listings and sales accomplished by the applicant
6 during two (2) or more years within the last five (5) years of licen-
7 sure immediately prior to the application date;
8 (ii) This report shall be certified as correct by the broker or bro-
9 kers with whom the applicant has been associated, provided however,
10 that upon preapproval by the commission, the applicant may verify
11 that the report is correct in an alternative manner;
12 (iii) The broker experience requirement may be modified or reduced,
13 in whole or in part, at the discretion of the commission, based upon
14 the applicant's educational background, or experience in related or
15 affiliated business activities;
16 (iv) The commission in its discretion may make such additional
17 investigation and inquiry relative to the applicant as it shall deem
18 advisable;
19 (b) Designate a physical office location and a business name. The commis-
20 sion may refuse to issue a license to any person if the business name is
21 the same as that of any person whose license has been suspended or revoked
22 or is so similar as to be easily confused with another licensee's name by
23 members of the general public. However, nothing in this subsection shall
24 restrict an individual from obtaining a license in his or her own legal
25 name.
26 (c) If currently licensed in Idaho as a salesperson and applying for a
27 license as an Idaho broker or associate broker, the individual shall sub-
28 mit a new fingerprint card for processing with the application and pay
29 associated fees.
30 SECTION 3. That Section 54-2015, Idaho Code, be, and the same is hereby
31 amended to read as follows:
32 54-2015. INDIVIDUALS ACTIVELY LICENSED IN ANOTHER STATE OR JURISDICTION
33 SEEKING PRIMARY IDAHO LICENSURE. (1) An individual who is currently and activ-
34 ely licensed as a real estate broker or salesperson in another state or juris-
35 diction at the time of application for a primary Idaho real estate license
36 shall meet all qualifications listed in section 54-2012, Idaho Code, for the
37 type of license sought, except that the applicant shall not be required to
38 furnish proof of the educational prerequisites described in subsection (1)(f)
39 of section 54-2012, Idaho Code. In addition, such applicant shall provide a
40 current, certified license history from the other licensing state or jurisdic-
41 tion, which history shall indicate any disciplinary action taken against the
42 applicant's license by the other licensing state or jurisdiction, and the sta-
43 tus and standing of the applicant's license in the other state or jurisdic-
44 tion.
45 (2) An individual who holds an active license in good standing in another
46 state or jurisdiction may, upon written request from to the commission, obtain
47 a certificate of waiver of the national portion of the exam required for Idaho
48 licensure. A request for waiver shall indicate the individual's mailing
49 address to which the commission is to deliver the certificate of waiver. The
50 certificate of waiver shall be submitted with the application for exam as pro-
51 vided in subsection (4) of section 54-2014, Idaho Code.
52 (3) An individual who is currently and actively licensed in another state
53 or jurisdiction that administers a real estate exam may be issued a primary
7
1 Idaho license without further exam or proof of educational prerequisites pur-
2 suant to written agreement between Idaho and the other state or jurisdiction,
3 provided that such other state or jurisdiction allows the issuance of real
4 estate licenses in substantially the same manner as set forth in this subsec-
5 tion.
6 SECTION 4. That Section 54-2016, Idaho Code, be, and the same is hereby
7 amended to read as follows:
8 54-2016. PRIMARY IDAHO LICENSES FOR LEGAL BUSINESS ENTITIES, SOLE
9 PROPRIETORSHIPS AND BRANCH OFFICES -- ADDITIONAL REQUIREMENTS. (1) Legal busi-
10 ness entities. Each legal business entity, as defined in section 54-2004,
11 Idaho Code, shall be licensed by the Idaho real estate commission to engage in
12 the real estate business in Idaho and shall make proper application, pay all
13 required fees, and meet all requirements listed below.
14 (a) Each legal business entity shall have a properly licensed individual
15 designated broker, who shall be held responsible for the activities of the
16 licensed entity. The individual designated broker shall also hold the fol-
17 lowing legal position within the licensed entity:
18 (i) Corporation -- an officer;
19 (ii) Partnership or limited partnership -- a general partner;
20 (iii) Limited liability company -- a member or manager.
21 The individual designated broker for any business entity shall have full
22 authority to act on behalf of the licensed business entity, and shall sub-
23 mit sufficient and satisfactory proof thereof with the application for
24 license. Such proof shall include a list of the entity's officers, direc-
25 tors, members or managers, as reflected in the minutes, resolutions or
26 other similar business documents of the entity. All acts of that individ-
27 ual as designated broker shall be considered acts of the licensed business
28 entity. Nothing in this section is intended to create liability to a legal
29 business entity for illegal or fraudulent acts by the individual broker
30 performed solely on his own account.
31 (b) A license issued to a legal business entity, as defined in this chap-
32 ter, is effective only as long as the individual designated broker's
33 license is in active status and in effect. If the individual so designated
34 has a license refused, revoked, suspended or otherwise made inactive by
35 the commission, or if the individual designated broker voluntarily surren-
36 ders the individual license or ceases to be connected with the entity in
37 the manner required above, the business entity shall have ten (10) busi-
38 ness days in which to designate another qualified individual as designated
39 broker before the entity's license is terminated, and the licenses of all
40 associated licensees are made inactive.
41 (c) One (1) individual may act as designated broker for more than one (1)
42 licensed business entity, however, all entities shall have their main
43 offices in the same physical location.
44 (d) Satisfactory proof of mandatory errors and omissions insurance shall
45 be provided for both the individual designated broker and the licensed
46 business entity.
47 (e) A legal business entity doing business under an assumed name shall
48 provide satisfactory proof of having legally filed a certificate of
49 assumed name with the Idaho secretary of state.
50 (2) Sole proprietorships. An individual designated broker not licensed
51 with a legal business entity, as defined in section 54-2004, Idaho Code, shall
52 be licensed as a sole proprietor. Each sole proprietorship seeking a real
53 estate license shall meet all of the following requirements:
8
1 (a) A licensed sole proprietor doing business under an assumed business
2 name shall provide satisfactory proof of having legally filed a certifi-
3 cate of assumed name with the Idaho secretary of state;
4 (b) Satisfactory proof of mandatory errors and omissions insurance shall
5 be provided for the licensed designated broker of a sole proprietorship.
6 (3) Multiple business names prohibited. A legal business entity or sole
7 proprietorship shall be licensed under only one (1) business name.
8 (4) Branch offices. Each branch office in which trust funds and original
9 transaction files are maintained shall be separately licensed in accordance
10 with the following:
11 (a) The designated broker establishing the branch office shall submit an
12 application, along with the required fee for the issuance or renewal of
13 the branch office license.
14 (b) The broker shall designate in the application a branch manager, who
15 shall be a salesperson with at least two (2) years' experience or an asso-
16 ciate broker, to regularly occupy and be responsible for the supervision
17 of the branch office. When a branch manager is a regular full-time
18 employee or is engaged in a full-time activity at a location other than
19 the place he is licensed to do business, a presumption will be made that
20 the branch manager is unable to responsibly supervise the branch; provided
21 however, the presumption may be overcome by evidence to the contrary which
22 the commission determines to be satisfactory.
23 (c) A branch manager shall not be licensed to manage more than one (1)
24 branch office at a time.
25 (d) A license issued to a branch office is valid and in effect only as
26 long as the license of the designated individual remains in active status.
27 The wall license certificate of the branch office shall be signed by the
28 designated broker.
29 (e) No separate branch office license or manager is required for business
30 locations other than the main office unless trust funds or original trans-
31 action records are kept at the branch.
32 (f) If a separate real estate trust account is maintained for a branch
33 office, all records and related files for that account shall be maintained
34 at the branch office.
35 (g) Each branch office or business location, whether separately licensed
36 or not, shall conduct business only in the licensed name of the legal
37 entity or sole proprietor.
38 SECTION 5. That Section 54-2017, Idaho Code, be, and the same is hereby
39 amended to read as follows:
40 54-2017. RECIPROCAL IDAHO LICENSES. The commission may issue a reciprocal
41 Idaho real estate license to a qualified person who holds an active primary
42 license in another state or jurisdiction if a written reciprocal licensing
43 agreement exists between Idaho and the other state or jurisdiction. Each
44 reciprocal license issued shall be limited to and governed by the terms of the
45 applicable written agreement between Idaho and the other jurisdiction.
46 (1) Any reciprocal licensing agreement with Idaho shall require that the
47 person seeking an Idaho reciprocal license make proper application, pay all
48 required fees, and:
49 (a) Be currently and actively licensed as a designated broker in the
50 applicant's primary state or jurisdiction, or be licensed under a desig-
51 nated broker who holds a current, active Idaho reciprocal license;
52 (b) Provide satisfactory proof of holding an active license, in good
53 standing, as defined in the agreement, at the time of application;
9
1 (c) File an irrevocable consent to service as described in section
2 54-2012(1)(i), Idaho Code, on the form approved and furnished by the Idaho
3 real estate commission;
4 (d) Provide satisfactory proof of errors and omissions insurance covering
5 the applicant's licensed activities in Idaho; and that
6 (2) Whenever a designated broker who holds a reciprocal Idaho license
7 ceases to hold a current active license in the primary licensing jurisdiction,
8 the Idaho reciprocal license of that broker, and the licenses of all persons
9 licensed under that broker, shall immediately be made inactive without further
10 process. If a salesperson who holds a reciprocal Idaho license ceases to hold
11 a current, active license in the primary licensing jurisdiction, that person's
12 Idaho reciprocal sales license shall immediately be made inactive without fur-
13 ther process A reciprocal license shall be issued and maintained as the same
14 type and status as the licensee's primary license.
15 SECTION 6. That Section 54-2018, Idaho Code, be, and the same is hereby
16 amended to read as follows:
17 54-2018. LICENSE RENEWALS -- INACTIVE LICENSES STATUS -- PERSONAL CHANGES
18 -- EFFECTIVE DATES. (1) Initial license period. Each new or reactivated
19 license shall be for a period of one (1) year plus the months up to and
20 including the next birth date of the licensee, not to exceed a period of two
21 (2) years, and shall expire on a date to coincide with the last day of the
22 month of the birth date of the licensee. Corporations, partnerships, limited
23 liability companies and other entities defined as "persons" in this chapter
24 shall have established as the equivalent of a birth date, the birth date of
25 its designated broker. Licensed branch offices shall have established as the
26 equivalent of a birth date, the birth date of the real estate broker estab-
27 lishing the branch office.
28 (2) License renewal. Each license shall be renewable for a period of two
29 (2) years by submitting a properly completed application, including on or
30 before 5 p.m. of the expiration date.
31 (a) If renewing an active license, the application shall include:
32 (i) Eevidence of having met the commission's continuing education
33 requirements as set forth in section 54-2023, Idaho Code, and;
34 (ii) Proof of meeting the mandatory errors and omissions insurance
35 requirement for real estate licensees as set forth in section
36 54-2013, Idaho Code; and
37 (iii) Payment of all renewal fees established by this chapter or by
38 the commission, on or before 5 p.m. of the last day of the birth
39 month of the licensee.
40 (b) If renewing an inactive license, the application shall include pay-
41 ment of all renewal fees established by this chapter or by the commission
42 by rule.
43 (3) Late renewal. If the licensee fails to submit a proper completed
44 application for renewal or pay the renewal fee on or before the last day of
45 the birth month of the licensee expiration date, the commission may accept a
46 later application or payment of the fee, subject to such conditions as the
47 commission may require including, but not limited to, the assessment of a late
48 fee; provided that between the last day of the month of the licensee's birth
49 license expiration date and the date of renewal of the license, the rights of
50 the licensee under such license shall be expired, and during such period of
51 expiration it shall be unlawful for any licensee to do or attempt to offer to
52 do any of the acts of the kind and nature described in the definitions of real
53 estate broker or real estate salesperson in section 54-2004, Idaho Code, in
10
1 consideration of compensation of any kind or expectation thereof. An expired
2 license that is not renewed within one (1) year of the expiration date shall
3 be automatically terminated by the commission and may not be renewed.
4 (4) Active and inactive license status. A licensee who is a designated
5 broker or associated with a designated broker shall hold an active license. A
6 licensee who has paid all applicable fees, who is not affiliated associated
7 with a designated broker and who holds a current license that is not revoked,
8 or suspended may place or terminated shall hold his license on inactive sta-
9 tus. A licensee seeking to change from active license status to inactive
10 license status shall have the broker submit a change of status application to
11 the commission in the form and manner approved by the commission. During the
12 period that his license is inactive, the licensee shall not engage in the
13 business or act in the capacity of real estate broker, associate broker or
14 salesperson. However, an inactive licensee may receive a referral fee for any
15 referral made during the period his license was active. A licensee may reacti-
16 vate an inactive license by meeting each of the following:
17 (a) Making proper If activating as a sales associate, associating with a
18 designated Idaho broker and having the broker submit an application and
19 paying the required fee in the form and manner approved by the commission;
20 (b) Licensing under an Idaho broker as a sales associate or, if licensing
21 If activating as a designated broker, establishing an office in the manner
22 required by this chapter and making proper submitting an application and
23 paying the required fee in the form and manner approved by the commission;
24 (c) Paying the required fee;
25 (d) Providing evidence of having errors or omissions insurance in the
26 manner required by section 54-2013, Idaho Code, and in accordance with the
27 rules of the commission; and
28 (de) Providing evidence of having successfully completed the continuing
29 education requirements, or their equivalent, as prescribed in section
30 54-2023, Idaho Code. A continuing education course taken to make up a
31 deficiency of the requirements from the previous renewal period may be
32 applied toward the continuing education requirements for the current
33 period.
34 (5) Change in personal information. An individual licensee, whether
35 active or inactive, shall provide written notice to the commission, in the
36 form and manner approved by the commission, of any change of his personal
37 name, address of personal residence or personal telephone number. Notice shall
38 be provided within ten (10) days of the change. If the licensee has changed
39 his personal name, he shall also submit legal proof of the change and the fee
40 for printing issuing a new license certificate and, if an active licensee, he
41 shall return the wall have the broker submit the written notice of change to
42 the commission. Upon receipt of the new license certificate or upon its effec-
43 tive date, whichever is later, the broker shall remove from public view any
44 license certificate bearing his the licensee's former name.
45 (6) Signature required. No license shall be valid unless the license cer-
46 tificate is signed by the licensee.
47 (7) Application Effective dates. A requests for licensure and or for
48 license changes shall become effective when the properly completed forms
49 application, attachments and any required fees are received at and approved by
50 the commission. An aApplications which are that is incomplete or lacking
51 proper fees shall be returned to the applicant and no license shall be issued
52 until a completed application and proper fees are physically received at and
53 actually approved by the commission.
54 SECTION 7. That Section 54-2020, Idaho Code, be, and the same is hereby
11
1 amended to read as follows:
2 54-2020. FEES. The Idaho real estate commission shall establish fees
3 which, in its discretion, are sufficient, when added to the other fees autho-
4 rized by this chapter, or any other law or rule, to raise that revenue
5 required to administer the provisions of this chapter.
6 The commission shall assess the following fees, in addition to any other
7 fees established in this chapter or by rule:
8 (1) For each year or portion thereof for which an active or inactive
9 license is issued or renewed, a license fee in an amount not to exceed one
10 hundred fifty dollars ($150), the exact fee to be determined by administrative
11 rule of the commission. Fees so established shall remain effective from year
12 to year unless changed through the rules promulgation process prescribed in
13 chapter 52, title 67, Idaho Code;
14 (2) A tuition or registration fee for real estate education courses,
15 course materials and any course exam fee. These fees shall be established
16 based upon the total annual costs involved in the provision of all real estate
17 education courses, course materials and course exam fees;
18 (3) A fee in the amount of twenty-five dollars ($25.00) for late license
19 renewal;
20 (4) A fee in the amount of fifteen dollars ($15.00) for any license
21 change that necessitates the printing issuance of a new license certificate;
22 (5) A fee in the amount allowed by law for insufficient funds checks or
23 other types of insufficient payment;
24 (6) A fee in the amount of ten dollars ($10.00) for the compilation of
25 each certified copy of a licensee's education history or license history;
26 (7) A fee in the amount of fifty dollars ($50.00) for issuance or renewal
27 of a branch office license.
28 SECTION 8. That Section 54-2040, Idaho Code, be, and the same is hereby
29 amended to read as follows:
30 54-2040. MAIN OFFICE OR BUSINESS LOCATION -- DISPLAY OF LICENSE. (1) Def-
31 inite location required. Each individual licensed as a designated real estate
32 broker under the provisions of this chapter shall be required to have and
33 maintain a definite, physical place of business, which place shall serve as
34 his main office for the transaction of business and be regarded for the intent
35 and purpose of this chapter as his principal place of business. Notice in
36 writing shall be given to the commission of any change by the broker of the
37 business name, location, or mailing address and each wall license requiring a
38 change shall be returned to the commission along with the fee for printing and
39 issuance of a new license certificate. Upon receipt of the new license certif-
40 icate or upon its effective date, whichever is later, the broker shall remove
41 from public view any license certificate bearing the former business name or
42 former location. A change of business name or location without notification to
43 the commission and issuance of a new license certificate shall automatically
44 inactivate the license previously issued. The broker shall also notify the
45 commission in writing of any change in the business telephone number.
46 (2) Broker for more than one business. A qualified individual may be the
47 designated broker for more than one (1) licensed real estate business entity
48 only if all licensed businesses operate their main offices at the same physi-
49 cal location.
50 (3) Brokers sharing same business location. More than one (1) individu-
51 ally licensed broker may operate an office at the same address only if each
52 broker operates under a business name which clearly identifies the broker as
12
1 an individual within the group of brokers, and each broker shall maintain his
2 or her records and trust accounts separate from all other brokers.
3 (4) Business name and display of licenses. A broker shall not conduct
4 business under any name other than the one in which the license is issued. The
5 cCurrent licenses of certificate for the broker and all for each associates
6 licensed with the broker shall be prominently displayed or available for pub-
7 lic inspection in the office designated with the commission as the broker's
8 main office location. No other location may be used as a main office location
9 until proper notice is acknowledged by the commission.
10 (5) Lending license prohibited. A broker shall not lend or permit the use
11 of the broker's license, whether for compensation or not, to enable anyone
12 licensed or unlicensed to, in fact, establish or carry on a business for which
13 a real estate broker's license is required, wherein the broker does not activ-
14 ely manage and have full control. In like manner, a salesperson shall not use
15 another person's broker's license, whether for compensation or not, to estab-
16 lish or carry on a business for which a broker's license is required, nor to
17 manage and control the office, except as allowed by sections 54-2016(4) and
18 54-2039(1), Idaho Code.
19 (6) Return of license certificate. Upon surrender of his a real estate
20 license or upon notice of suspension or revocation of such license, a licensee
21 the broker shall immediately forward the wall license certificate to the com-
22 mission. The license certificate of any sales associate licensed under and
23 associated with a broker whose license is to be surrendered, suspended or
24 revoked shall be returned to the commission on or before the effective date of
25 the notice or order surrendering, suspending or revoking the broker's license.
26 SECTION 9. That Section 54-2041, Idaho Code, be, and the same is hereby
27 amended to read as follows:
28 54-2041. TRUST ACCOUNTS AND ENTRUSTED PROPERTY. (1) A licensed Idaho real
29 estate broker shall be responsible for all moneys or property entrusted to
30 that broker or to any licensee representing the broker.
31 (2) Immediately upon receipt, the broker shall place deposit entrusted
32 moneys in a neutral, qualified trust fund account in Idaho, and shall properly
33 care for any entrusted property.
34 (3) Only moneys relating to a regulated real estate transaction may be
35 deposited in the broker's real estate trust fund account. Entrusted moneys
36 shall not be commingled with moneys of the broker, firm or agent, except for
37 that minimum amount that may be required to open and maintain the trust
38 account or as otherwise allowed by subsection (7) of section 54-2042, Idaho
39 Code.
40 (4) The real estate broker shall remain fully responsible and accountable
41 for all entrusted moneys and property until a full accounting has been given
42 to the parties involved.
43 SECTION 10. That Section 54-2054, Idaho Code, be, and the same is hereby
44 amended to read as follows:
45 54-2054. COMPENSATION, COMMISSIONS AND FEES -- PROHIBITED CONDUCT. (1)
46 Court action for fee collection. No person engaged in the business or acting
47 in the capacity of real estate broker or salesperson in Idaho shall bring or
48 maintain any action in the courts for the collection of a fee, commission or
49 other compensation for the performance of any acts requiring a real estate
50 license as provided in section 54-2002, Idaho Code, without alleging and prov-
51 ing that such person was an actively licensed broker or salesperson in Idaho
13
1 at the time the alleged cause of action arose.
2 (2) Fee-splitting with unlicensed persons prohibited. Unless otherwise
3 allowed by statute or rule, a real estate broker, associate broker or
4 salesperson licensed in the state of Idaho shall not pay any part or share of
5 a commission, fee or compensation received in the licensee's capacity as such
6 in a regulated real estate transaction to any person who is not actively
7 licensed as a real estate broker in Idaho or in another state or jurisdiction.
8 The Idaho broker making the payment to another licensed person is responsible
9 for verifying the active licensed status of the receiving broker. This section
10 shall not prohibit payment of a part or share of a commission, fee or compen-
11 sation by the broker to a corporation, all of whose shareholders and directors
12 are active real estate licensees. An Idaho licensee may pay any part or share
13 of a commission, fee or compensation received, directly to the buyer or seller
14 in the real estate transaction. However, no commission, fee or compensation
15 may be split with any party to the transaction in a manner which would
16 directly or indirectly create a double contract, as defined in this chapter,
17 or which would otherwise mislead any broker, lender, title company or govern-
18 ment agency involved in the transaction regarding the source of funds used to
19 complete the real estate transaction or regarding the financial resources or
20 obligations of the buyer.
21 (3) Finder's fees prohibited. Any offer of monetary value, by an Idaho
22 licensee, to any person who is not licensed in Idaho or any state or jurisdic-
23 tion, made for the purpose of inducing such unlicensed person to secure pros-
24 pects to buy, sell, option, or otherwise dispose of an interest in real prop-
25 erty shall be considered to be splitting fees with an unlicensed person, and
26 is prohibited.
27 (4) Interference with real estate brokerage agreement prohibited. It
28 shall be unlawful for any person, licensed or unlicensed, to interfere with
29 the contractual relationship between a broker and a client. Communicating a
30 company's relocation policy or benefits to a transferring employee or consumer
31 shall not be considered a violation of this subsection so long as the commu-
32 nication does not involve advice or encouragement on how to terminate or amend
33 an existing contractual relationship between a broker and client.
34 (5) Double contracts prohibited. No licensed broker or salesperson shall
35 use, propose the use of, agree to the use of, or knowingly permit the use of a
36 double contract, as defined in section 54-2004, Idaho Code, in connection with
37 any regulated real estate transaction. Such conduct by a licensee shall be
38 deemed flagrant misconduct and dishonorable and dishonest dealing and shall
39 subject the licensee to disciplinary action by the commission.
40 (6) Kickbacks and rebates prohibited. No licensed real estate broker or
41 salesperson shall receive a kickback or rebate for directing any transaction
42 to any individual for financing. A licensee shall not receive a kickback or
43 unearned fee for directing any transaction to any lending institution, escrow
44 or title company, as those practices are defined and prohibited by the real
45 estate settlement and procedures act. of 1974, as amended, 12 U.S.C. section
46 2601 et seq. However, a licensee legally receiving any fee or rebate from any
47 person providing direct services to either the buyer or the seller in connec-
48 tion with a regulated real estate transaction is required to disclose the
49 licensee's intent to receive such fee, rebate or compensation in writing to
50 all parties to the transaction prior to closing.
51 (7) Compensation from more than one party. No licensed real estate broker
52 or salesperson shall charge or accept compensation from more than one (1)
53 party in any one (1) transaction, without first making full disclosure in
54 writing of the broker's intent to do so, to all parties involved in the trans-
55 action.
14
1 (8) After-the-fact referral fees prohibited. It shall be unlawful for any
2 person to solicit or request a referral fee or similar payment from a licensed
3 Idaho real estate broker or sales associate, for the referral of a buyer or
4 seller in connection with a regulated real estate transaction, unless the per-
5 son seeking the referral fee has reasonable cause. "Reasonable cause" shall
6 not exist unless:
7 (a) The person seeking the referral fee has a written contractual rela-
8 tionship with the Idaho real estate broker for a referral fee or similar
9 payment; and
10 (b) The contractual relationship providing for the referral fee exists at
11 the time the buyer or seller purportedly referred by such person signs a
12 written agreement with the Idaho broker for the listing of the real estate
13 or for representation by the broker, or the buyer signs an offer to pur-
14 chase the real estate involved in the transaction. It shall be unlawful
15 for any person including, but not limited to, a relocation company or com-
16 pany with a relocation policy or benefits, to directly or indirectly
17 threaten to or actually reduce or withhold promised or expected employee
18 or customer relocation benefits from a buyer or seller in a regulated real
19 estate transaction based upon a broker's participation in payment of a
20 referral fee or other fee.
21 (9) All fees must be paid through broker. No sales associate shall accept
22 any commission, compensation or fee for the performance of any acts requiring
23 a real estate license from any person except the real estate broker with whom
24 the sales associate is licensed. However, a broker may pay a former sales
25 associate for services performed while the sales associate was actively
26 licensed with that broker, regardless of the former sales associate's license
27 status at the time the commission or fee is actually paid.
28 SECTION 11. That Section 54-2056, Idaho Code, be, and the same is hereby
29 amended to read as follows:
30 54-2056. TERMINATING OR CHANGING LICENSED BUSINESS RELATIONSHIPS. (1)
31 Sales associate terminating license with broker Termination of licensed asso-
32 ciation. Any sales associate who terminates his licensed association with a
33 broker and licenses with another broker shall immediately return his wall
34 license to the commission, along with the completed forms and fees necessary
35 for relicensing. If the sales associate is unable to obtain his wall license
36 from the broker, the sales associate shall send written notice of his termina-
37 tion, by certified mail, return receipt requested, to the broker, and shall
38 deliver a copy of such notice to the commission. Upon receipt of such notice
39 from the sales associate, the broker shall immediately return the sales
40 associate's wall license to the commission shall provide the broker written
41 notice of the termination and the effective date. A broker who terminates the
42 licensed association of a sales associate shall provide the associate written
43 notice of the termination and the effective date. Upon termination of a sales
44 associate's licensed business association with a broker, whether by the broker
45 or by the sales associate, the broker shall remove from public view the former
46 associate's license certificate.
47 (2) Broker terminating sales associate. Any broker who terminates the
48 association of a sales associate shall return the sales associate's wall
49 license along with a completed termination form to the commission New associa-
50 tion. The broker shall submit a written application, in the form and manner
51 approved by the commission, for each sales associate licensing with the
52 broker.
53 (3) Termination for cause. Any broker who terminates the association of a
15
1 sales associate for the violation of any of the provisions of sections 54-2059
2 through 54-2065, Idaho Code, shall promptly notify the commission, in writing,
3 of the termination and the facts giving rise to the termination.
4 (4) Closing a branch office. A Immediately upon closing a branch office,
5 the broker shall provide the commission written notice of the closure advising
6 of the new status of all licensees licensed with the closed branch. The broker
7 shall be sent to the commission office along with immediately remove from pub-
8 lic view the branch office license certificate and the wall licenses certifi-
9 cates of all licensees licensed in the branch office. immediately upon closing
10 the branch office.
11 (5) Property of the broker. Upon termination of the business relationship
12 as a sales associate licensed under a broker, the sales associate shall imme-
13 diately turn over to the broker all listing information and listing contracts,
14 keys, purchase and sale agreements and similar contracts, buyer brokerage
15 information and contracts, and other property belonging to the broker. A sales
16 associate shall not engage in any practice or conduct, directly or indirectly,
17 which encourages, entices or induces clients of the broker to terminate any
18 legal business relationship with the broker unless he first obtains written
19 permission of the broker.
20 (6) Location of trust accounts and file records. When an actively
21 licensed broker changes to a license status other than that of a designated
22 broker, that individual must notify the commission in writing of the location
23 of all trust accounts and transaction file records which the broker was
24 responsible for during the term of licensure as a designated broker. These
25 records shall be available to the commission for three (3) years following the
26 year in which each transaction was closed.
27 (7) Terminating relationships between a broker and a sole proprietorship
28 owned by a person other than the broker. When a broker for a sole proprietor-
29 ship, owned by a person other than the broker, terminates an association with
30 the owner, all records and trust account funds shall become the property of,
31 and be maintained and disbursed by, the terminating broker in accordance with
32 this chapter and applicable rules promulgated thereunder. The terminating bro-
33 ker shall deliver, upon request made in writing by the clients and the new
34 broker of that sole proprietorship, such records and trust account funds per-
35 taining to that client, to the new broker who shall thereafter have the
36 responsibility for preservation and disbursement, in accordance with this
37 chapter and applicable rules promulgated thereunder.
38 SECTION 12. That Section 54-2079, Idaho Code, be, and the same is hereby
39 amended to read as follows:
40 54-2079. TERMINATION OF SALESPERSON ASSOCIATE FOR VIOLATION OF DISCIPLIN-
41 ARY PROVISIONS -- STATEMENT TO BE FILED WITH COMMISSION. Whenever any real
42 estate broker terminates a salesperson shall be terminated by his broker asso-
43 ciate for a violation of any of the provisions of sections 54-2060 through
44 54-2062, Idaho Code, the broker shall promptly file a written statement of the
45 facts in reference thereto shall be filed forthwith with the commission.
STATEMENT OF PURPOSE
RS 11465C1
This bill removes current requirements that force the Real Estate
Commission office to retrieve existing license certificates and
print and deliver new certificates every time a licensee updates
personal or business information. The bill "paves the way" for
the licensees to transact business with the Commission on line.
A variety of housekeeping items are also addressed in the bill,
including the addition of definitions previously contained in rule;
clarification of the license expiration date; correction as to when
licenses are "terminated" rather than made inactive; clarification
that only entrusted moneys relating to a "regulated real estate
transaction" may be deposited in the broker's Real Estate Trust
Account.
FISCAL IMPACT
None to the General Fund, as no general fund dollars are used
by IREC. None to any political subdivisions, as IREC is funded
primarily from license fees. None to the Agency.
Contact
Name: Donna M. Jones
Agency: Real Estate
Phone: 334-3285 ext. 232
STATEMENT OF PURPOSE/FISCAL IMPACT S 1322