REAL ESTATE LICENSURE REVISIONS S.B. 641 (S-1):
FLOOR SUMMARY
Senate Bill 641 (Substitute S-1 as reported)
CONTENT
The bill would amend Article 25 (Real Estate Brokers and Salespersons) of the Occupational Code to do the following:
-- Require the Department of Licensing and Regulatory Affairs (LARA) to renew a real estate broker, associate real estate broker, or real estate salesperson license if it received an application for renewal within 60 days after the license's expiration date.
-- Allow LARA to relicense without examination a person who failed to renew a license within that 60-day period, if he or she met certain requirements, including continuing education requirements.
-- Revise provisions that allow LARA to relicense a person who failed to renew a real estate broker or real estate salesperson license within three years after the last license expired, if the person meets requirements for continuing education, prelicensure courses, and examination.
-- Delete provisions that allow LARA to relicense a broker or salesperson whose license has been lapsed for less than three years.
-- Delete, recodify, and revise continuing education requirements for real estate licensure.
-- Require LARA to allow all affiliated real estate licensees a reasonable time to either wind up business or designate a new principal associate broker, in the event of the death or disability of a sole principal associate broker.
-- Add a limited liability company to, and remove a sole proprietorship from, the list of entities to which LARA may issue a real estate broker license.
MCL 339.2502a et al. Legislative Analyst: Patrick Affholter
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Date Completed: 11-12-13 Fiscal Analyst: Josh Sefton
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.