02/09/2012 09:00 AM Senate FINANCE

SENATE BILL NO. 158                                                                                                           
                                                                                                                                
     "An Act relating to the Real Estate Commission; and                                                                        
     providing for an effective date."                                                                                          
                                                                                                                                
9:02:14 AM                                                                                                                    
                                                                                                                                
Senator Egan explained that SB  158 aimed to address several                                                                    
weaknesses  in the  current real  estate  law pertaining  to                                                                    
real estate brokers.  He remarked that the  bill would allow                                                                    
the  Real  Estate  Commission  to  appoint  an  overseer  to                                                                    
temporarily manage  a brokerage in  the event that  a broker                                                                    
is  unavailable.  He  stated  that  the  overseer  would  be                                                                    
appointed in cases  of a traumatic or  medical event; having                                                                    
a  license suspended;  or on  an investigative  finding that                                                                    
shows substantial  evidence pointing to  misappropriation of                                                                    
funds.  He stated  that  the bill  would  assure that  trust                                                                    
accounts and  other sensitive business affairs  were handled                                                                    
responsibly.  He  stressed  that  the  bill  would  allow  a                                                                    
licensee to donate a portion  of a commission to charity and                                                                    
allow the licensee  to advertise the donation.  He urged the                                                                    
support of SB 158.                                                                                                              
                                                                                                                                
Senator Olson  wondered if  anyone opposed  the legislation.                                                                    
Senator Egan replied that there was no opposition.                                                                              
                                                                                                                                
Senator Olson  asked why the  legislation was  not addressed                                                                    
in  the  past. Co-Chair  Stedman  stated  that there  was  a                                                                    
recent issue  that was the  catalyst for the writing  of the                                                                    
bill.                                                                                                                           
                                                                                                                                
Co-Chair  Stedman addressed  the one  zero fiscal  note from                                                                    
Department of Commerce, Community and Economic Development.                                                                     
                                                                                                                                
Co-Chair  Hoffman  MOVED  to report  CSSB  158(L&C)  out  of                                                                    
committee   with   individual    recommendations   and   the                                                                    
accompanying fiscal  note. There  being NO OBJECTION  it was                                                                    
so ordered.                                                                                                                     
                                                                                                                                
CSSB  158(L&C) was  REPORTED  out of  committee  with a  "do                                                                    
pass" recommendation  and with  a previously  published zero                                                                    
fiscal note: FN1 (CED).