Rule Changes Proposed

Following is a summary of proposed Commission rule changes which, if approved, would become effective July 1, 2010:

• Require retention of trust account and transaction records for a period of five years instead of three as the current rules require.

• Add questions to the Residential Property Disclosure Form for home sellers to disclose whether their properties are located within one mile of the boundary of certain military facilities and to disclose noise, air traffic, vibrations, lights and other impacts from nearby military facilities;

• Allow postponement and completion of continuing education, Broker-in-Charge, and postlicensing courses, and the payment of license renewal fees for individuals licensed as brokers and approved as instructors who are also members of theUnited States armed forces who are serving in combat or in presidentially-declared disaster areas.

• Clarify when and under what circumstances students in the Broker-in-Charge Course and in all continuing education courses may be absent during the scheduled classroom hours and still receive continuing education credit for attending the course.

A public hearing for comments on the proposed rule changes will be held at 9:00 a.m., February 10, 2010 in the Conference Room of the Commission’s office.

This article came from the October 2009-Vol40-2 edition of the bulletin.