House Study Bill 599



                                       HOUSE FILE       
                                       BY  (PROPOSED COMMITTEE ON
                                            STATE GOVERNMENT BILL BY
                                            CHAIRPERSON ELGIN)


    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 6187YC 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 of a college credit real estate education
  1  7 program at the university of northern Iowa programs 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 the board of
  1 17 regents real estate commission for the purpose of establishing
  1 18 and maintaining a real estate education program at the
  1 19 university of northern Iowa a 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 6187YC 81
  2 15 jr:nh/gg/14