Text: SSB03051 Text: SSB03053 Text: SSB03000 - SSB03099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 543B.15, subsection 8, Code 2001, is 1 2 amended to read as follows: 1 3 8. To qualify for a license as a real estate broker, a 1 4 person shall complete at least sixty contact hours of 1 5 commission approved real estate education within twenty-four 1 6 months prior to taking the broker examination. This education 1 7 shall be in addition to the required salesperson prelicense 1 8 course. The applicant shall have been a licensed real estate 1 9 salesperson actively engaged in real estate for a period of at 1 10 least twenty-four months preceding the date of application, or 1 11 shall have had experience substantially equal to that which a 1 12 licensed real estate salesperson would ordinarily receive 1 13 during a period of twenty-four months, whether as a former 1 14 broker or salesperson, a manager of real estate, or otherwise. 1 15However, if the commission finds that an applicant could not1 16acquire employment as a licensed real estate salesperson1 17because of conditions existing in the area where the person1 18resides, the experience requirement of this subsection may be1 19waived for that person by the commission.1 20 Sec. 2. Section 543B.47, subsections 1, 2, and 6, Code 1 21 2001, are amended to read as follows: 1 22 1. The real estate commission shall adopt rules requiring 1 23 as a condition of licensure that all real estate licensees, 1 24 except those who hold inactive licenses, carry errors and 1 25 omissions insurance covering all activities contemplated under 1 26 this chapter. The rules shall provide for administration of 1 27 the insurance requirements of this section within the 1 28 multiyear licensing structure required by section 543B.28. 1 29 However, the rules shall require licensees to submit evidence 1 30 of compliance with this sectionat least annually and shall1 31provide for review and determination of compliance on an1 32annual basiswithin twenty calendar days of the commission's 1 33 request, which may be made on a test basis, a random basis, or 1 34 upon reasonable cause to question a licensee's compliance. 1 35 2. The commission shall contract with an insurance 2 1 provider for a group policy under which coverage is available 2 2 to all licensees, and shall maintain coverage with the 2 3 contracted provider unless the commission determines that 2 4 continuing the contract is not reasonably practical. The 2 5 contract shall be solicited by competitive, sealed bid. 2 6 6.Each licensee shall be notified of the required terms2 7and conditions of coverage for the annual policy at least2 8thirty days prior to the license renewal date or the2 9anniversary of the license renewal date. A certificate of2 10coverage, showing compliance with the required terms and2 11conditions of coverage, must be filed with the commission by2 12the license renewal date or the anniversary of the license2 13renewal date by each licensee who elects not to participate in2 14the group insurance program administered by the commission.2 15 Failure of a license applicant or licensee to carry the errors 2 16 and omissions insurance required by this section, or to timely 2 17 submit proof of coverage upon commission request, shall be 2 18 grounds for the denial of an application for licensure, the 2 19 denial of an application to renew a license, or the suspension 2 20 or revocation of a license. 2 21 Sec. 3. NEW SECTION. 543B.48 CIVIL PENALTY AMOUNT. 2 22 Notwithstanding section 272C.3, licensee discipline may 2 23 include a civil penalty not to exceed two thousand five 2 24 hundred dollars per violation. 2 25 EXPLANATION 2 26 This bill provides for changes relating to specified real 2 27 estate broker licensure qualifications and insurance coverage 2 28 requirements. 2 29 The bill deletes a provision which allows the real estate 2 30 commission to waive an experience requirement as a 2 31 precondition of licensure as a real estate broker if a 2 32 prospective licensee could not acquire employment as a 2 33 licensed real estate salesperson because of conditions 2 34 existing in the area where the person resides. 2 35 The bill also deletes a requirement of annual notification 3 1 to the real estate commission by a licensee of continued 3 2 errors and omissions insurance coverage. The bill replaces 3 3 this requirement with a requirement that licensees submit 3 4 evidence of compliance with the coverage requirement within 20 3 5 calendar days of the commission's request, which may be made 3 6 on a test basis, a random basis, or upon reasonable cause to 3 7 question a licensee's compliance. The bill provides that 3 8 failure of a license applicant or licensee to carry the 3 9 required coverage or to timely submit proof of coverage upon 3 10 commission request shall be grounds for the denial of an 3 11 application for licensure, the denial of an application to 3 12 renew a license, or the suspension or revocation of a license. 3 13 The bill modifies a requirement that the commission 3 14 contract with an insurance provider for a group errors and 3 15 omissions policy under which coverage is available to all 3 16 licensees. The new requirement provides that the coverage 3 17 shall be maintained unless the commission determines that 3 18 continuing the contract is not reasonably practical. 3 19 The bill provides that, notwithstanding Code section 3 20 272C.3, licensee discipline may include a civil penalty not to 3 21 exceed $2,500 per violation. 3 22 LSB 5054DP 79 3 23 rn/sh/8
Text: SSB03051 Text: SSB03053 Text: SSB03000 - SSB03099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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