HCS SB 158(L&C): "An Act relating to real estate broker licensure; relating to the Real Estate Commission; relating to errors and omissions insurance for real estate licensees; and providing for an effective date."
00 HOUSE CS FOR SENATE BILL NO. 158(L&C) 01 "An Act relating to real estate broker licensure; relating to the Real Estate Commission; 02 relating to errors and omissions insurance for real estate licensees; and providing for an 03 effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 08.88.091(c) is amended to read: 06 (c) An applicant for licensure under AS 08.88.171(a) or (b) shall [MUST] 07 complete 30 [15] hours of education approved by the commission before the person 08 may be licensed under either of those subsections. 09 * Sec. 2. AS 08.88.171(a) is amended to read: 10 (a) A natural person qualifies for a real estate broker license if the person 11 passes the brokers examination, applies for a license within six months after passing 12 the examination, furnishes satisfactory proof of successful completion of the education 13 requirements of AS 08.88.091, has had at least 48 [24] months of active and 14 continuous experience as a real estate licensee within the 60 [36] months immediately
01 preceding application for the broker license, is not under indictment for or seven years 02 have elapsed since the person has completed a sentence imposed upon conviction of a 03 felony or other crime that, in the judgment of the commission, affects the person's 04 ability to practice as a real estate broker competently and safely or upon conviction of 05 forgery, theft, extortion, conspiracy to defraud creditors, or fraud, and is an owner of a 06 real estate business or employed as a real estate broker by a foreign or domestic 07 corporation, partnership, limited partnership, or limited liability company. Unless the 08 broker fails to satisfy the educational requirements of AS 08.88.095 or renew the 09 license, or the broker's license is suspended or revoked, the broker's license continues 10 in effect as long as the broker's license is active. If the broker stops being an owner of 11 a real estate business or stops being employed as a real estate broker by a foreign or 12 domestic corporation, partnership, limited partnership, or limited liability company, 13 the broker's license is suspended from the time the broker stops until the broker 14 satisfies the educational requirements of AS 08.88.098 and 15 (1) again becomes an owner of a real estate business or is again 16 employed as a real estate broker by a foreign or domestic corporation, partnership, 17 limited partnership, or limited liability company; or 18 (2) is employed by another broker as an associate broker, in which 19 case the real estate broker license shall be returned to the commission by the broker, 20 and the commission shall issue the broker an associate real estate broker license. 21 * Sec. 3. AS 08.88.171(b) is amended to read: 22 (b) A natural person qualifies for an associate real estate broker license if the 23 person passes the brokers examination, applies for the license within six months after 24 passing the examination, submits satisfactory proof of successful completion of the 25 education requirements of AS 08.88.091, has had at least 48 [24] months of active and 26 continuous experience as a real estate licensee within the 60 [36] months immediately 27 preceding application for the license, furnishes satisfactory proof that errors and 28 omissions insurance required under AS 08.88.172 has been obtained, is not under 29 indictment for or seven years have elapsed since the person has completed a sentence 30 imposed upon conviction of a felony or other crime that, in the judgment of the 31 commission, affects the person's ability to practice as an associate real estate broker
01 competently and safely or upon conviction of forgery, theft, extortion, conspiracy to 02 defraud creditors, or fraud, and is employed by a licensed real estate broker as an 03 associate real estate broker. Unless the associate broker fails to satisfy the educational 04 requirements of AS 08.88.095 or renew the license, or the associate broker's license is 05 suspended or revoked, the associate broker's license continues in effect as long as the 06 associate broker is employed by a licensed real estate broker as an associate broker. If 07 the associate broker stops being employed by a licensed real estate broker, the 08 associate broker's license is suspended from the time the associate broker stops until 09 the associate broker satisfies the educational requirements of AS 08.88.098 and 10 (1) again is employed by a real estate broker as an associate broker; or 11 (2) becomes an owner of a real estate business or is employed as a real 12 estate broker by a foreign or domestic corporation, partnership, limited partnership, or 13 limited liability company, in which case the associate broker's license shall be returned 14 to the commission by the associate broker, and the commission shall issue the licensee 15 a broker's license. 16 * Sec. 4. AS 08.88.172(e) is repealed. 17 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 18 read: 19 APPLICABILITY. (a) AS 08.88.091(c), as amended by sec. 1 of this Act, applies to 20 applications for a real estate broker license under AS 08.88.171(a) or (b) submitted on or after 21 the effective date of sec. 1 of this Act. 22 (b) AS 08.88.171(a) and (b), as amended by secs. 2 and 3 of this Act, apply to 23 applications for a real estate broker license under AS 08.88.171(a) or (b) or 08.88.241(b) 24 submitted on or after the effective date of secs. 2 and 3 of this Act. 25 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 26 read: 27 TRANSITIONAL PROVISION: REGULATIONS. The Real Estate Commission may 28 adopt regulations necessary to implement the changes made by this Act. The regulations take 29 effect under AS 44.62 (Administrative Procedure Act), but not before the effective date of the 30 law implemented by the regulation. 31 * Sec. 7. Section 6 of this Act takes effect immediately under AS 01.10.070(c).
01 * Sec. 8. Sections 1 and 5(a) of this Act take effect January 1, 2017. 02 * Sec. 9. Sections 2 - 4 and 5(b) of this Act take effect January 1, 2018.