Citations Affected: IC 25-34.1.
Synopsis: Real estate broker and salesperson licenses. Provides that
the fee that the real estate commission is required to establish to fund
the investigative fund must be at least ten dollars. (Under current law,
the fee may not be more than ten dollars). Requires a licensed
salesperson or real estate broker who is convicted of a crime to send a
copy of the judgment of conviction to the real estate commission not
more than 30 days after the date of the conviction. Provides that: (1)
the real estate commission may discipline a licensed salesperson or real
estate broker who is convicted of a crime that substantially relates to
the practice of real estate; and (2) a certified copy of a judgment of a
conviction from a court is presumptive evidence of a conviction.
Provides that the amount by which the balance in the investigative fund
exceeds $750,000 at the end of the state fiscal year reverts to the state
general fund. (Under current law, the amount by which the balance
exceeds $500,000 reverts to the state general fund.) Requires the
attorney general and the professional licensing agency to enter into a
memorandum of understanding to administer and enforce the law
Effective: July 1, 2006.
January 10, 2006, read first time and referred to Committee on Commerce, Economic
Development and Small Business.
January 19, 2006, reported _ Do Pass.
January 23, 2006, read second time, ordered engrossed.
January 24, 2006, engrossed.
January 26, 2006, read third time, passed. Yeas 56, nays 38.
concerning the licensing of real estate brokers and salespersons, and provides for the memorandum to be reviewed annually by the real estate commission. Provides that a licensed salesperson or real estate broker who does not have an agency relationship with the individual with whom the licensee is working due to the existence of a written agreement to the contrary has certain duties. Provides that if those duties are performed by another licensed salesperson or real estate broker, the other salesperson or real estate broker does not have an agency relationship with the individual as a result of performing the duties.
A BILL FOR AN ACT to amend the Indiana Code concerning
professions and occupations.
chapter.
(b) Notwithstanding IC 25-1-8-2, a fee established under
IC 25-1-8-2 to implement section 8 of this chapter may not be less than
fifty dollars ($50).
(c) The commission shall establish fees to provide funding for the
investigative fund established by IC 25-34.1-8-7.5. The fees under this
subsection may not be more less than ten dollars ($10).
(d) The board may collect a fee required by federal law and transmit
the fees to the federal government as required by federal law.
(e) A fee described in subsection (a) is in addition to any fees
required by federal law.
enforcing the provisions of this article, including investigating and
taking enforcement action against real estate fraud and real estate
appraisal fraud. The fund shall be administered by the attorney general
and the professional licensing agency.
(b) The expenses of administering the fund shall be paid from the
money in the fund. The fund consists of money from a fee imposed
upon licensed or certified appraisers and real estate brokers and
salespersons under IC 25-34.1-2-6 and IC 25-34.1-3-9.
(c) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public money may be invested.
(d) Except as otherwise provided in this subsection, money in the
fund at the end of a state fiscal year does not revert to the state general
fund. If the total amount in the investigative fund exceeds five hundred
thousand dollars ($500,000) seven hundred fifty thousand dollars
($750,000) at the end of a state fiscal year after payment of all claims
and expenses, the amount that exceeds five hundred thousand dollars
($500,000) seven hundred fifty thousand dollars ($750,000) reverts
to the state general fund.
(e) Money in the fund is continually appropriated for use by the
attorney general and the professional licensing agency to administer
and enforce the provisions of this article and to conduct investigations
and take enforcement action against real estate and appraisal fraud
under this article. The attorney general shall receive five dollars ($5)
of each fee collected under IC 25-34.1-2-6 and IC 25-34.1-3-9, and
the professional licensing agency shall divide the money in the fund
equally. receive any amount that exceeds five dollars ($5) of each
fee collected under IC 25-34.1-2-6 and IC 25-34.1-3-9.
without compensation.
(b) If a licensee, under subsection (a)(1), does not have an
agency relationship with the individual with whom the licensee is
working due to the existence of a written agreement to the
contrary, the licensee must perform at least the following duties
under the written agreement:
(1) Be available to receive and timely present offers and
counteroffers for the purchase or lease of:
(A) the property of the individual, if the individual is a
seller or landlord; or
(B) the property that the individual seeks to purchase or
lease, if the individual is a buyer or tenant.
(2) Assist in negotiating, completing real estate forms,
communicating, and timely presenting offers, counteroffers,
notices, and various addenda relating to the offers and
counteroffers until:
(A) a purchase agreement or lease is signed; and
(B) all contingencies are satisfied or waived.
(3) Timely respond to questions relating to offers, counter
offers, notices, various addenda, and contingencies from the
seller, landlord, buyer, or tenant pertaining to the subject
property.
(c) If:
(1) a licensee described in subsection (b) fails to perform the
duties set forth in subsection (b); and
(2) another licensee performs those duties on behalf of or at
the request of a seller, landlord, buyer, or tenant;
the performance of those duties by the other licensee referred to in
subdivision (2) does not constitute an agency relationship.
(d) This section does not prohibit a licensee from performing
duties in addition to the duties specified in this section on behalf of
or at the request of a seller, landlord, buyer, or tenant in a real
estate transaction.