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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.