Text: SF02132 Text: SF02134 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 SENATE FILE 2133 1 2 1 3 AN ACT 1 4 RELATING TO REAL ESTATE BROKERS, INCLUDING DEFINING THE 1 5 ACTIVITIES OF A REAL ESTATE BROKER, LICENSURE AND INSURANCE 1 6 COVERAGE, AND PROVIDING A PENALTY. 1 7 1 8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 9 1 10 Section 1. Section 543B.3, Code 2001, is amended by adding 1 11 the following new subsection: 1 12 NEW SUBSECTION. 9. Prepares offers to purchase or 1 13 purchase agreements, listing contracts, agency disclosures, 1 14 real property residential and agricultural rental agreements, 1 15 real property commercial rental agreements of one year or 1 16 less, and groundwater hazard statements, including any 1 17 modifications, amendments, or addendums to these specific 1 18 documents. 1 19 Sec. 2. Section 543B.15, subsection 8, Code 2001, is 1 20 amended to read as follows: 1 21 8. To qualify for a license as a real estate broker, a 1 22 person shall complete at least sixty contact hours of 1 23 commission approved real estate education within twenty-four 1 24 months prior to taking the broker examination. This education 1 25 shall be in addition to the required salesperson prelicense 1 26 course. The applicant shall have been a licensed real estate 1 27 salesperson actively engaged in real estate for a period of at 1 28 least twenty-four months preceding the date of application, or 1 29 shall have had experience substantially equal to that which a 1 30 licensed real estate salesperson would ordinarily receive 1 31 during a period of twenty-four months, whether as a former 1 32 broker or salesperson, a manager of real estate, or otherwise. 1 33However, if the commission finds that an applicant could not1 34acquire employment as a licensed real estate salesperson1 35because of conditions existing in the area where the person2 1resides, the experience requirement of this subsection may be2 2waived for that person by the commission.2 3 Sec. 3. Section 543B.47, subsections 1, 2, and 6, Code 2 4 2001, are amended to read as follows: 2 5 1. The real estate commission shall adopt rules requiring 2 6 as a condition of licensure that all real estate licensees, 2 7 except those who hold inactive licenses, carry errors and 2 8 omissions insurance covering all activities contemplated under 2 9 this chapter. The rules shall provide for administration of 2 10 the insurance requirements of this section within the 2 11 multiyear licensing structure required by section 543B.28. 2 12 However, the rules shall require licensees to submit evidence 2 13 of compliance with this sectionat least annually and shall2 14provide for review and determination of compliance on an2 15annual basiswithin twenty calendar days of the commission's 2 16 request, which may be made on a test basis, a random basis, or 2 17 upon reasonable cause to question a licensee's compliance. 2 18 2. The commission shall contract with an insurance 2 19 provider for a group policy under which coverage is available 2 20 to all licensees, and shall maintain coverage with the 2 21 contracted provider unless the commission determines that 2 22 continuing the contract is not reasonably practical. The 2 23 contract shall be solicited by competitive, sealed bid. 2 24 6.Each licensee shall be notified of the required terms2 25and conditions of coverage for the annual policy at least2 26thirty days prior to the license renewal date or the2 27anniversary of the license renewal date. A certificate of2 28coverage, showing compliance with the required terms and2 29conditions of coverage, must be filed with the commission by2 30the license renewal date or the anniversary of the license2 31renewal date by each licensee who elects not to participate in2 32the group insurance program administered by the commission.2 33 Failure of a license applicant or licensee to carry the errors 2 34 and omissions insurance required by this section, or to timely 2 35 submit proof of coverage upon commission request, shall be 3 1 grounds for the denial of an application for licensure, the 3 2 denial of an application to renew a license, or the suspension 3 3 or revocation of a license. 3 4 Sec. 4. NEW SECTION. 543B.48 CIVIL PENALTY AMOUNT. 3 5 Notwithstanding section 272C.3, licensee discipline may 3 6 include a civil penalty not to exceed two thousand five 3 7 hundred dollars per violation. 3 8 3 9 3 10 3 11 MARY E. KRAMER 3 12 President of the Senate 3 13 3 14 3 15 3 16 BRENT SIEGRIST 3 17 Speaker of the House 3 18 3 19 I hereby certify that this bill originated in the Senate and 3 20 is known as Senate File 2133, Seventy-ninth General Assembly. 3 21 3 22 3 23 3 24 MICHAEL E. MARSHALL 3 25 Secretary of the Senate 3 26 Approved , 2002 3 27 3 28 3 29 3 30 THOMAS J. VILSACK 3 31 Governor
Text: SF02132 Text: SF02134 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 2002 Cornell College and League of Women Voters of Iowa
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