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Rule Changes To General Assembly

Proposed amendments to the Commission’s rules have been approved by the Rules Review Commission, the legislature’s independent review board and final step before submission to the General Assembly. If the Assembly makes no objection, the rules will go into effect July 1, 2003.  The proposed rule changes include:

A .0107 – Amend to permit a vacation rental manager to maintain accounts payable ledgers containing specifically defined data in lieu of subsidiary ledger sheets.

A .0113 – Amend to clarify that licensees must report disciplinary actions taken against them by any governmental agency as well as criminal convictions, within 60 days.

A .0302 – Amend to prevent an individual who has applied for licensure as a real estate salesperson from applying for licensure as a real estate broker during the pendency of the salesperson license application.

A .0502 – Amend to place upon the principal broker of a firm several new responsibilities, which include the duty to secure and preserve the transaction and trust account records of the firm whenever there is a change of Broker-in-Charge and the duty to notify the Commission if these accounts are out-of-balance or have not been properly reconciled.

E .0203 – Amend to require that video tapes provided by update course instructor applicants be made within the previous year.

Contact the Commission’s rule-making coordinator, Pamela Millward, for further information or for copies of the full text of these proposed rules.

This article came from the February 2003-Vol33-3 edition of the bulletin.