Text: HF02183 Text: HF02185 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 543B.56, subsection 2, paragraph a, 1 2 Code 1997, is amended to read as follows: 1 3 a. Place the client's interests ahead of the interests of 1 4 any other party, unless loyalty to a client violates the 1 5 licensee's duties undersubsection 1, section 543B.58, or1 6underother applicable law. 1 7 Sec. 2. Section 543B.58, Code 1997, is amended to read as 1 8 follows: 1 9 543B.58 LICENSEES REPRESENTING MORE THAN ONE CLIENT IN A 1 10 TRANSACTION PROHIBITED. 1 111.A licensee shall not be the agent for both a buyer and 1 12 a seller to a transactionwithout obtaining the written1 13consent of both the buyer and the seller.The written consent1 14shall state that the licensee has made a full disclosure of1 15the type of representation the licensee will provide. The1 16consent to multiple representation shall contain a statement1 17of the licensee's duties under section 543B.56, subsection 1,1 18a statement of the licensee's duties to the client under1 19section 543B.56, subsection 2, paragraphs "b" and "c", and a1 20statement that the clients understand the licensee's duties1 21and consent to the licensee's providing brokerage services to1 22more than one client.1 232. A consent to multiple representation may contain1 24additional disclosures by the licensee or additional1 25agreements between the licensee and the clients that do not1 26violate any duty of a licensee under this chapter.1 27 Sec. 3. Section 543B.59, subsection 2, Code 1997, is 1 28 amended to read as follows: 1 29 2. DUAL AGENT. A real estate brokerage agency and a 1 30 designated broker are not considered to be dual agents in 1 31 violation of this subchapter solely because of an appointment 1 32 under the provisions of this section.However, an affiliated1 33licensee who personally represents both the seller and the1 34buyer in a particular transaction is considered to be a1 35disclosed dual agent and is required to comply with the2 1provisions of this subchapter governing disclosed dual agents.2 2 Sec. 4. Section 543B.61, subsection 2, Code 1997, is 2 3 amended to read as follows: 2 4 2. Failure of a licensee to act in accordance with the 2 5 disclosures made pursuant to sections 543B.56through 543B.582 6 and 543B.57 is prima facie evidence of a violation under 2 7 section 543B.34, subsection 4. 2 8 EXPLANATION 2 9 This bill prohibits a licensed real estate broker or 2 10 salesperson from representing a buyer and a seller to the same 2 11 real estate transaction. 2 12 LSB 3047HH 77 2 13 mj/jw/5
Text: HF02183 Text: HF02185 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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