90th General Assembly
Summary of SB1625
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Short description: 
REAL ESTATE LICENSE ACT 1999                                               

Synopsis of Bill as introduced:
        Repeals the Real Estate License Act of 1983 and creates the  Real      
   Estate License Act of 1999 to supersede the Real Estate License Act of      
   1983.   Regulates  through licensing requirements real estate brokers,      
   salespersons,  leasing  agents,   pre-license   schools,   pre-license      
   instructors,  continuing  education  schools, and continuing education      
   instructors.  Amends the Regulatory Agency Sunset Act  to  repeal  the      
   new  Act  on January 1, 2009.  Makes other changes.  Effective July 1,      
        SENATE AMENDMENT NO. 1.                                                
        Removes references  concerning  auctions.  Provides  that  it  is      
   unlawful  for  a  registered limited liability partnership to act as a      
   real estate broker, real estate salesperson, or leasing  agent  or  to      
   advertise  or assume to act as such a person without a properly issued      
   sponsor card or a license.  Provides that no limited liability company      
   shall be granted a license or engage in the business or serve  in  the      
   capacity  of  a  real  estate  broker unless every manager (instead of      
   managing member) holds a license and unless every member and  employee      
   (instead  of just every employee) who acts as a salesperson or leasing      
   agent holds a license.   In  provisions  concerning  guaranteed  sales      
   plans,  replaces  certain  references  to  "broker" with references to      
   "licensee".  Makes other changes.                                           
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


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