SB 244/CI (BR 2142) - C. Borders
AN ACT relating to real estate brokerage.
Amend KRS 324.020 to limit split fees by real estate brokers to referral fees only; amend KRS 324.046 to remove the notarized affidavit requirement as proof of academic credit; require a sworn notarized statement by the principal broker or brokers to fulfill the experience requirement for a sales associate; amend KRS 324.112 to require that a licensee register a branch office with the commission within ten days after it is opened; make technical corrections to conform; amend KRS 324.117 to direct licensees to list either the real estate company from the licensee's own license or from the affiliated principal broker in all advertising for any listed property; require licensees to provide written notification of the requirements of this section to any customer or client of the licensee who advertises listed property; specify that the licensee shall keep a file of this notification to the client or customer; amend KRS 324.121 to mandate that a designated agent shall inform and obtain the consent of the seller of lessor to the designation; forbid a principal broker from designating himself or herself as a designated agent; require that a principal broker acting as a dual agent keep confidential information relating to either party in an individual file maintained and accessed by the principal broker only; amend KRS 324.150 to authorize the commission, while investigating violations, to compel the production of books, papers, documents, and other evidence, review evidence, or enter the office or branch office of a licensee for the purpose of conducting inspections; make technical corrections to conform; amend KRS 324.160 to expand the language prohibiting discrimination to include any violation of the Federal Fair Housing Act; amend KRS 324.330 to require that licensees inform the commission in writing of a change of residence within ten days; amend KRS 324.395 to raise the annual insurance premium ceiling for "errors and omissions" insurance potentially provided by the commission for licensees from $125 to $200; amend KRS 324.990 to designate unlicensed real estate brokerage as a Class D felony; allow the commission to make exceptions for those who engage in unlicensed real estate brokerage if the violation is due to failure to renew a previously valid license.
SB 244 - AMENDMENTS
SCS/CI - Retain provisions of original bill, except limit the commission's power to enter the office or branch office of a licensee to conduct inspections to apply only to principal brokers and to only inspect required documents relating to the allegations of practices violating the provisions of KRS Chapter 324; modify penalty provision for unlicensed real estate brokerage to designate a Class A misdemeanor for the first offense and a Class D felony for any subsequent offenses, and indicate that unlicensed real estate brokerage due to failure to renew a previously valid Kentucky license will only provide an exemption from the criminal penalty if the person is entitled to and does avail himself of the remedial provisions of KRS 324.090(3).
Feb 26-introduced in Senate
Mar 2-to Licensing, Occupations & Administrative Regulations (S)
Mar 8-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
Mar 9-2nd reading, to Rules
Mar 10-posted for passage in the Consent Orders of the Day for Thursday, March 11, 2004
Mar 11-3rd reading, passed 38-0 with Committee Substitute ; received in House
Mar 15-to Licensing and Occupations (H); posted in committee
Mar 17-reported favorably, 1st reading, to Calendar
Mar 18-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Friday, March 19, 2004
Mar 19-3rd reading, passed 92-0; received in Senate
Mar 22-enrolled, signed by each presiding officer; delivered to Governor
Apr 2-signed by Governor (Acts ch. 45)