HSB 164 (LSB 2164HC (4) 85)

HOUSE FILE _____

BY  (PROPOSED COMMITTEE ON COMMERCE BILL BY CHAIRPERSON COWNIE)

A BILL FOR

An Act relating to real estate broker and real estate salesperson licensing fees and allocations from those fees, and making an appropriation.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 543B.14, Code 2013, is amended to read as follows:
   543B.14  Fees and expenses —— funds.
   All fees and charges collected by the real estate commission under this chapter shall be paid into the general fund of the state, except that fifty
 
twenty-five dollars from each real estate salesperson’s license and each broker’s license shall be paid into the Iowa real estate education fund created in section 543B.54
 
shall be deposited in the department of commerce revolving fund created in section 546.12 and appropriated annually to the professional licensing and regulation bureau of the banking division of the department of commerce for the purpose of hiring and compensating a real estate education director and regulatory compliance personnel. All expenses incurred by the commission under this chapter, including compensation of staff assigned to the commission, shall be paid from funds appropriated for those purposes, except for expenses incurred and compensation paid for the real estate education director, which shall be paid out of the real estate education fund.
    Sec. 2.  REPEAL.  Section 543B.54, Code 2013, is repealed.
    Sec. 3.  REAL ESTATE EDUCATION FUND —— REMAINING FUNDS TRANSFER.  Any funds remaining in the real estate education fund on June 30, 2013, shall not revert to the general fund of the state but shall be transferred to the department of commerce revolving fund established in section 546.12, and such funds are appropriated to the professional licensing and regulation bureau of the banking division of the department of commerce. Funds appropriated pursuant to this section shall be used for the public purpose of providing a grant to a nonprofit foundation affiliated with a statewide association of real estate professionals to provide real estate education programs, scholarship assistance, housing assistance programs, or to otherwise further the mission of the foundation.
EXPLANATION
   This bill relates to real estate broker and real estate salesperson licensing fees and allocations from those fees.
   The bill reduces an allocation of $50 that is currently mandated from each real estate broker and real estate salesperson licensing fee for deposit into the Iowa real estate education fund created in Code section 543B.54 to provide grants to educational institutions to provide real estate education programs and to hire and compensate a real estate education director and regulatory compliance personnel. The bill reduces the allocation to $25, and directs the allocation to be deposited into the department of commerce revolving fund created in Code section 546.12 and appropriated annually to the professional licensing and regulation bureau of the banking division of the department of commerce for the purpose of hiring and compensating a real estate education director and regulatory compliance personnel.
   The bill also repeals Code section 543B.54, modifies related provisions, and provides that any funds remaining in the Iowa real estate education fund on June 30, 2013, shall not revert to the general fund of the state but shall be deposited in the department of commerce revolving fund and appropriated to the professional licensing and regulation bureau for the public purpose of providing a grant to a nonprofit foundation affiliated with a statewide association of real estate professionals for purposes specified in the bill.