FIFTY-THIRD LEGISLATURE

FIRST SESSION, 2017

March 15, 2017

Mr. Speaker:

    Your BUSINESS AND INDUSTRY COMMITTEE, to whom has been referred

SENATE BILL 387

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

     1. On page 1, lines 14 and 15, strike "PREREQUISITE YEARS AS A LICENSED ASSOCIATE BROKER OR REAL ESTATE AGENT FROM TWO TO FOUR" and insert in lieu thereof "YEARS OF EXPERIENCE IN REAL ESTATE REQUIRED FOR MANAGERIAL BROKERAGE LICENSURE".

     2. On page 3, line 10, remove the brackets and line through "two" and strike "four".

     3. On page 3, between lines 16 and 17, insert a new subsection as follows:

          "D. Notwithstanding Subsection C of this section, a qualifying broker shall not supervise associate brokers until the qualifying broker has had an active associate broker's or qualifying broker's license or equivalent real estate license for at least four years. Licensees who hold an active or inactive qualifying broker's license on January 1, 2018 are exempt from this subsection.".

     4. Reletter the succeeding subsection accordingly.

     5. On page 3, line 21, strike "July 1, 2017" and insert in lieu thereof "January 1, 2018".