Department of Professional and Occupational Regulation; Real Estate Board; death or disability. (SB510)

Introduced By

Sen. David Suetterlein (R-Salem)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Department of Professional and Occupational Regulation; Real Estate Board; death or disability of a real estate broker. Requires a licensed real estate broker to designate, at the time of his application for broker licensure and at the time of his application for renewal of his license, another licensed broker to carry on the business for 180 days for the sole purpose of concluding the business of such designating broker in the event of the designating broker's death or disability. The bill also clarifies that in the event that the original designated licensed broker is unable or unwilling to perform the act of concluding a deceased or disabled broker's business, the Real Estate Board shall grant approval to conclude the affairs of the business to one of a list of individuals. Under current law, the Board must grant such approval to such individuals in a specific order of priority. Finally, the bill provides that in the event that no listed individual is available or suitable to conclude the business affairs of the deceased or disabled broker, the Board is required to appoint any other licensed broker, with such broker's written consent, within 30 days of receiving written notification of a broker's death or disability, to carry on the business of the deceased or disabled broker for the sole purpose of concluding the business within 180 days. Read the Bill »

Status

01/12/2022: Awaiting a Vote in the General Laws and Technology Committee

History

DateAction
01/12/2022Prefiled and ordered printed; offered 01/12/22 22101836D
01/12/2022Referred to Committee on General Laws and Technology
01/19/2022Impact statement from DPB (SB510)

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