Colorado Association of REALTORS | SB-215 – Sunset Licensed Real Estate Brokers & Subdivision Developers – Signed by Governor Hickenlooper
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SB-215 – Sunset Licensed Real Estate Brokers & Subdivision Developers – Signed by Governor Hickenlooper

Governor Hickenlooper Signs Sunset Bill 215
Jun 06 2017

SB-215 – Sunset Licensed Real Estate Brokers & Subdivision Developers – Signed by Governor Hickenlooper

SB-215 – Sunset Licensed Real Estate Brokers & Subdivision Developers – Signed by Governor Hickenlooper

 

 

Governor Hickenlooper Signs SB17-215

Governor Hickenlooper signs SB-215.

Every 10 years, the Division of Real Estate and the Real Estate Commission (Commission) are up for review at the Legislature. In 2017, CAR was actively involved from the very beginning to define the components of the legislation that will continue to regulate our members for the next decade.

 

CAR amended the bill several times throughout the legislative process to improve the bill for Colorado REALTORS®. First, CAR successfully removed the Division of Regulatory Agencies (DORA) Sunset Report recommendations that our members told us they did not like. These included Recommendation 9, which made changes to the development of the annual update course, and Recommendation 2 that suggested attorneys should be more involved in transactions, under attorney-client relationships, when brokers use standard forms – a suggestion that contradicted longstanding legal precedent under the Conway Bogue decision.

 

Next, CAR worked with stakeholders in the Senate to do two things: first, retain language that conforms Colorado law with RESPA while maintaining protections against referral fees. Second, remove unnecessary and restrictive language concerning requirements for the new property manager seat on the Real Estate Commission.

 

Finally, in the House, CAR worked with stakeholders to provide a necessary statutory definition for “standard forms” used in real estate transactions (current statute does not define standard forms or provide guidance about using standard forms). We also ensured the Real Estate Commission has the necessary flexibility to disseminate rules that determine the methods by which brokers can demonstrate their knowledge and experience to become managing brokers.

 

The position of this bill is supported as Governor Hickenlooper signed this bill on June 1, 2017.

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