House File 2514 - Introduced HOUSE FILE BY COMMITTEE ON STATE GOVERNMENT (SUCCESSOR TO HSB 599) Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to the real estate education fund. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 6187HV 81 4 jr/gg/14 PAG LIN 1 1 Section 1. Section 543B.54, Code 2005, is amended to read 1 2 as follows: 1 3 543B.54 REAL ESTATE EDUCATION FUND. 1 4 1. The Iowa real estate education fund is created as a 1 5 financial assurance mechanism to assist in the establishment 1 6 and maintenance ofacollege credit real estate education 1 7program at the university of northern Iowaprograms at Iowa 1 8 community colleges and other Iowa colleges and universities, 1 9 and to assist the real estate commission in providing an 1 10 education director. The fund is created as a separate fund in 1 11 the state treasury, and any funds remaining in the fund at the 1 12 end of each fiscal year shall not revert to the general fund, 1 13 but shall remain in the Iowa real estate education fund. 1 14 Twenty=five dollars per license from fees deposited for each 1 15 real estate salesperson's license and each broker's license 1 16 shall be distributed and are appropriated to theboard of 1 17 regentsreal estate commission for the purpose of establishing 1 18 and maintaininga real estate education program at the 1 19 university of northern Iowaa program to provide grants to 1 20 Iowa community colleges and other Iowa colleges and 1 21 universities providing programs under this section. 1 22 2. Grants shall be awarded by a grant committee 1 23 established by the real estate commission. The committee 1 24 shall consist of seven members: two members of the 1 25 commission, four members of the Iowa association of realtors, 1 26 and one member of the public. The commission shall promulgate 1 27 rules relating to the organization and operation of the 1 28 committee, which shall include the term of membership, and 1 29 establishing standards for awarding grants. The members of 1 30 the committee may be reimbursed for actual and necessary 1 31 expenses incurred in the performance of their duties but shall 1 32 not receive a per diem payment. The remaining moneys in the 1 33 fund shall be distributed and are appropriated to the 1 34 professional licensing and regulation division of the 1 35 department of commerce for the purpose of hiring and 2 1 compensating a real estate education director and regulatory 2 2 compliance personnel. 2 3 EXPLANATION 2 4 Current law establishes a real estate education fund which 2 5 is appropriated to the board of regents, for the purpose of 2 6 providing real estate education at the university of northern 2 7 Iowa. This bill places that fund under the jurisdiction of a 2 8 new grant program committee consisting of real estate 2 9 commission members, members of the Iowa association of 2 10 realtors, and a member of the public. The committee is 2 11 directed to make grants to Iowa community colleges or other 2 12 Iowa colleges and universities that provide real estate 2 13 education. 2 14 LSB 6187HV 81 2 15 jr:nh/gg/14