NOTE:  As provided in LFC policy, this report is intended only for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used for other purposes.

 

The most recent FIR version (in HTML & Adobe PDF formats) is available on the Legislative Website.  The Adobe PDF version includes all attachments, whereas the HTML version does not.  Previously issued FIRs and attachments may be obtained from the LFC in Suite 101 of the State Capitol Building North.

 

 

F I S C A L   I M P A C T   R E P O R T

 

 

 

SPONSOR:

Payne

 

DATE TYPED:

3/19/03

 

HB

 

 

SHORT TITLE:

Real Estate Licensee Requirements

 

SB

443/aHCPAC

 

 

ANALYST:

Maloy

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY03

FY04

FY03

FY04

 

 

 

NFI

 

NFI

 

 

 

SOURCES OF INFORMATION

 

Responses Received From

No Response received from Regulation and Licensing Department

 

SUMMARY

 

            Synopsis of HCPAC Amendment

 

The House Consumer and Public Affairs Committee amended Senate Bill 443 to include an age requirement with the experience requirement. The licensee must now be a minimum of 65 years of age and have 25 continuous years of  experience to qualify for the reduced continuing education standard. 

 

Synopsis of Original Bill

 

Senate Bill 443 provides that a real estate licensee with 25 years of continuous licensed experience need not take 30 hours of continuing education every 3 years, as other licensees must in order to renew their license.  The bill provides that the licensee with 25 years continuous licensed experience need only take 8 hours of continuing education every 3 years.

 

Significant Issues

 

1.                    The real estate licensing laws currently reference those who are 65-years or older as exempted from the continuing education requirement.

 

2.                    Currently, the exemption is a blanket exemption.  No continuing education is required of those 65-years or older.

 

3.                    Changing the benchmark from 65-years or older to 25 years of continuous licensed experience is appropriate.  The benchmark becomes more relevant. 

 

4.                    Adding a minimum of 8 hours continuing education will provide an avenue for keeping up-to-date with changes in the professional and legal landscape.

 

ADMINISTRATIVE IMPLICATIONS

 

The Real Estate Commission will be minimally impacted by having to verify the 8-hour continuing education requirement for licensees with 25 years or more continuous licensed experience at the time of renewal. 

 

There will not likely be many licensees for which this must be done.  The burden will fall on the licensee to present the Commission with the appropriate documentation at the time of renewal.  Therefore, the Commission should be able to absorb this added administrative function with ease.

 

SJM/prr:yr