SF0141 - Real estate agents-errors and omissions insurance.

 

2001

State of Wyoming

01LSO-0300

 

 

 

SENATE FILE NO.  SF0141

 

 

Real estate agents-errors and omissions insurance.

 

Sponsored by:  Senator(s) Miller, C. and Meier and
Representative(s) Burns

 

 

A BILL

 

for

 

 1  AN ACT relating to real estate agents; authorizing the
 2  commission to obtain errors and omissions insurance;
 3  providing agents are not required to carry the insurance;
 4  and providing for an effective date.

 5 

 6  Be It Enacted by the Legislature of the State of Wyoming:

 7 

 8         Section 1.  W.S. 33-28-105(a) is amended to read:

 9 

10         33-28-105.  Creation of commission; membership; terms;
11  removal; chairman; powers and duties; director and duties
12  thereof; other employees; compensation; disposition of
13  fees.

14 

15         (a)  The Wyoming real estate commission is created to
16  consist of five (5) commissioners, each of whom shall be a

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 1  citizen of Wyoming, appointed by the governor with the
 2  advice and consent of the senate. Not less than three (3)
 3  or more than four (4) of the membership shall have been
 4  engaged in business as an active salesperson or broker in
 5  Wyoming for at least five (5) years immediately preceding
 6  appointment. No more than one (1) commissioner shall be
 7  appointed from the same county. The term of the members of
 8  the commission shall be for three (3) years and until their
 9  successors are appointed and qualified. Members appointed
10  to fill vacancies shall be appointed in accordance with
11  W.S. 28-12-101, and no member shall be appointed to succeed
12  himself for more than one (1) full term. The governor may
13  remove any commission member as provided in W.S. 9-1-202.
14  The commission at its first meeting held after September 1
15  of each year shall select a chairman to serve for the
16  following year. The commission has the power to regulate
17  the issuance of licenses, to revoke or suspend licenses
18  issued under this act, to censure licensees and may do all
19  things necessary and proper to carry out the provisions of
20  this act. The commission may, from time to time, promulgate
21  and amend necessary and reasonable rules and regulations
22  for these purposes. Effective July 1, 1979, appointments
23  and terms shall be in accordance with W.S. 28-12-101
24  through 28-12-103. Based upon competitive bidding, the

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 1  commission may contract with an insurer for a group policy
 2  of errors and omissions insurance covering activities under
 3  this act. In consultation with licensees, the commission
 4  may establish the terms and conditions of the coverage
 5  including, but not limited to, the minimum limits of
 6  coverage and permissible deductibles and exclusions from
 7  coverage. In seeking to obtain the insurance, the
 8  commission may join with other states to obtain a policy of
 9  errors and omission insurance. Licensees are not required
10  to obtain errors and omissions insurance, but may obtain
11  coverage under any group policy the commission approves.

12 

13         Section 2.  This act is effective July 1, 2001.

14 

15                         (END)

 

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