Bill No.: HB0195 Drafter: JDA
LSO No.: 09LSO-0349 Effective Date: 7/1/2009
Enrolled Act No.: HEA0046
Chapter No.: 63
Prime Sponsor: Representative Brown
Catch Title: Real estate act-amendments.
Subject: Real estate licensing.
● This bill makes amendments to the Real Estate License Act of 1971.
● The bill amends the act to provide for fingerprinting of license applicants for criminal background checks.
● The act is amended to clarify that exemptions from the act for attorneys in fact and owners of real estate or immediate family do not apply if the person is also a licensee under the act.
● The amount of salary that each member of the commission will receive is amended to match the amount received by members of the legislature.
● The bill reduces the amount of time that records related to real estate transactions shall be retained from ten years to seven years.
● The bill requires licensees to obtain and maintain errors and omissions insurance coverage under the group program through the real estate commission or through individual coverage.