Iowa 2017-2018 Regular Session Status: Enacted

HF 541 — A bill for an act relating to licensed real estate professionals and real estate disclosure statements. (Formerly HSB 125.) Effective 7-1-17.

Last action — Signed by Governor.

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed House
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced March 07, 2017. Enacted.

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Where this bill stands today.

Odds of enactment

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Bill Text

What changed in the latest version

28 added · 43 removed

28 line(s) added, 43 removed.

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House File 541 - Reprinted HOUSE FILE 541 BY COMMITTEE ON COMMERCE (SUCCESSOR TO HSB 125) (As Amended and Passed by the House March 27, 2017) A BILL FOR An Act relating to licensed real estate professionals and real estate disclosure statements.
House File 541 - Enrolled House File 541 AN ACT RELATING TO LICENSED REAL ESTATE PROFESSIONALS AND REAL ESTATE DISCLOSURE STATEMENTS.
HF 541 (4) 87 gh/rn/nh/md H.F.
DIVISION I REAL ESTATE LICENSEES Section 1.
541 DIVISION I REAL ESTATE LICENSEES Section 1.
An applicant for a real estate broker’s or salesperson’s license who has been convicted of an offense specified in this subsection shall not be considered for licensure until the following time periods have elapsed following completion of any applicable period of incarceration, or payment of a fine or fulfillment of any other type of sentence:
An applicant for a real estate broker’s or salesperson’s license who has been convicted of an offense specified in this subsection shall not be considered for House File 541, p.
2 licensure until the following time periods have elapsed following completion of any applicable period of incarceration, or payment of a fine or fulfillment of any other type of sentence:
For purposes of this section, “convicted” or “conviction” means a conviction for an indictable offense and includes a court’s acceptance of a guilty plea, deferred judgment from the time of entry of the deferred judgment until the time the defendant is discharged by the court without entry of judgment, or other finding of guilt by a court of competent jurisdiction HF 541 (4) 87 -1- gh/rn/nh/md 1/10 H.F.
For purposes of this section, “convicted” or “conviction” means a conviction for an indictable offense and includes a court’s acceptance of a guilty plea, deferred judgment from the time of entry of the deferred judgment until the time the defendant is discharged by the court without entry of judgment, or other finding of guilt by a court of competent jurisdiction in this state, or in any other state, territory, or district of the United States, or in any foreign jurisdiction.
541 in this state, or in any other state, territory, or district of the United States, or in any foreign jurisdiction.
The real estate commission shall not require that a recent photograph of the applicant be attached to the application.
The real estate commission shall not House File 541, p.
3 require that a recent photograph of the applicant be attached to the application.
Section 543B.31, Code 2017, is amended to read as HF 541 (4) 87 -2- gh/rn/nh/md 2/10 H.F.
Section 543B.31, Code 2017, is amended to read as follows:
541 follows:
Provided, that if such broker be a partnership, association, corporation, professional corporation, or professional limited liability company a duplicate shall be issued to the members or officers thereof, and a A fee determined by the real estate commission in each case shall be paid for each duplicate license.
Provided, that if such broker be a partnership, association, corporation, professional corporation, or professional limited liability company a duplicate shall be issued to the members or officers thereof, and a A fee determined by the real estate commission in each House File 541, p.
4 case shall be paid for each duplicate license.
When any real estate salesperson is discharged or terminates employment or association with the real estate broker by whom the salesperson is employed, the real estate broker shall immediately deliver, or mail, or electronically submit to the real estate commission a copy of the real estate salesperson’s license on the reverse side of which the employing designated broker shall set out the date and cause of termination of employment .
When any real estate salesperson is discharged or terminates employment or association with the real estate broker by whom the salesperson is employed, the real estate broker shall immediately deliver, or mail, or electronically submit to the real estate commission a copy of the real estate salesperson’s license on the reverse side of which the employing designated broker shall set out the date and cause of termination of employment.
The real estate designated HF 541 (4) 87 -3- gh/rn/nh/md 3/10 H.F.
The real estate designated broker at the time of mailing submitting a copy of the real estate salesperson’s license to the commission shall address a communication to the last known residence address of the real estate salesperson stating that a copy of the license has been delivered, or mailed, or electronically submitted to the commission.
541 broker at the time of mailing submitting a copy of the real estate salesperson’s license to the commission shall address a communication to the last known residence address of the real estate salesperson stating that a copy of the license has been delivered, or mailed, or electronically submitted to the commission.
Not more than one license shall be issued to any real estate salesperson for the same period of time.
Not more than one House File 541, p.
5 license shall be issued to any real estate salesperson for the same period of time.
The commission may assess civil penalties against any person or entity , and may suspend or revoke a license issued under this chapter at any time if the licensee has by false or fraudulent representation obtained a license, or if the licensee or other person assuming to act in the capacity HF 541 (4) 87 -4- gh/rn/nh/md 4/10 H.F.
The commission may assess civil penalties against any person or entity , and may suspend or revoke a license issued under this chapter at any time if the licensee has by false or fraudulent representation obtained a license, or if the licensee or other person assuming to act in the capacity of a real estate broker or real estate salesperson, except for those actions exempt pursuant to section 543B.7, is found to be guilty of any of the following:
541 of a real estate broker or real estate salesperson, except for those actions exempt pursuant to section 543B.7, is found to be guilty of any of the following:
1.
House File 541, p.
6 1.
The interest on the account shall be transferred quarterly to the treasurer of state and transferred to the Iowa finance authority for deposit in the housing trust fund established in section HF 541 (4) 87 -5- gh/rn/nh/md 5/10 H.F.
The interest on the account shall be transferred quarterly to the treasurer of state and transferred to the Iowa finance authority for deposit in the housing trust fund established in section 16.181 unless there is a written agreement between the buyer and seller to the contrary.
541 16.181 unless there is a written agreement between the buyer and seller to the contrary.
This subsection does not apply to an individual farm account maintained in the name of the owner or owners for the purpose of conducting ongoing farm business whether it is conducted by the farm owner or by an agent or farm manager when the account is part of a farm management agreement between the owner and agent or manager.
This subsection does not apply to an individual farm account maintained in the name of the owner or owners for the purpose of conducting ongoing farm business whether it is conducted by the farm owner or by an agent or farm manager when the account is part of a farm management agreement between the owner and agent or House File 541, p.
7 manager.
Each broker required to maintain a trust account pursuant to this section shall only deposit trust funds received on real estate or business opportunity transactions as directed HF 541 (4) 87 -6- gh/rn/nh/md 6/10 H.F.
Each broker required to maintain a trust account pursuant to this section shall only deposit trust funds received on real estate or business opportunity transactions as directed by the principal of a transaction constituting dealing in real estate as defined in section 543B.6 in the common trust account and shall not commingle the broker’s personal funds or other funds in the trust account with the exception that a broker may deposit and keep a sum not to exceed five hundred one thousand dollars in the account from the broker’s personal funds, which sum shall be specifically identified and deposited to cover bank service charges relating to the trust account.
541 by the principal of a transaction constituting dealing in real estate as defined in section 543B.6 in the common trust account and shall not commingle the broker’s personal funds or other funds in the trust account with the exception that a broker may deposit and keep a sum not to exceed five hundred one thousand dollars in the account from the broker’s personal funds, which sum shall be specifically identified and deposited to cover bank service charges relating to the trust account.
Sec.
House File 541, p.
8 Sec.
A licensee shall not represent any party or parties to a transaction or otherwise as a licensee unless that HF 541 (4) 87 -7- gh/rn/nh/md 7/10 H.F.
A licensee shall not represent any party or parties to a transaction or otherwise as a licensee unless that licensee makes a disclosure to all parties to the transaction identifying which party that person represents in the transaction an agency disclosure to the party or parties represented by the licensee .
541 licensee makes a disclosure to all parties to the transaction identifying which party that person represents in the transaction an agency disclosure to the party or parties represented by the licensee.
A written disclosure is required to be made to the client prior to an offer being made or accepted by any party to a transaction.
A written disclosure is required to be made to the client prior to an offer being made or accepted by any party to a transaction .
c.
House File 541, p.
Any additional information that the licensee determines HF 541 (4) 87 -8- gh/rn/nh/md 8/10 H.F.
9 c.
541 is necessary to clarify the licensee’s relationship to the licensee’s client or customer.
Any additional information that the licensee determines is necessary to clarify the licensee’s relationship to the licensee’s client or customer.
The delivery may be made to the spouse of the transferee, unless HF 541 (4) 87 -9- gh/rn/nh/md 9/10 H.F.
The delivery may be made to the spouse of the transferee, unless otherwise provided by the parties.
541 otherwise provided by the parties.
If the disclosure statement is not timely delivered, the transferee may withdraw the offer or revoke the acceptance without liability, within three days House File 541, p.
If the disclosure statement is not timely delivered, the transferee may withdraw the offer or revoke the acceptance without liability, within three days following personal delivery of the statement or five days following electronic delivery or delivery by mail.
10 following personal delivery of the statement or five days following electronic delivery or delivery by mail.
HF 541 (4) 87 -10- gh/rn/nh/md 10/10
______________________________ ______________________________ LINDA UPMEYER JACK WHITVER Speaker of the House President of the Senate I hereby certify that this bill originated in the House and is known as House File 541, Eighty-seventh General Assembly.
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______________________________ CARMINE BOAL Chief Clerk of the House Approved _______________, 2017 ______________________________ TERRY E.
BRANSTAD Governor
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Amendments

2 amendments

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Action History

  1. Signed by Governor.

  2. Sent to Governor.

  3. Reported correctly enrolled, signed by Speaker and President.

  4. Message from Senate.

  5. Immediate message.

  6. Passed Senate, ayes 50, nays 0.

  7. Committee report, recommending passage.

  8. Subcommittee: Schultz, Danielson, and Smith.

  9. Explanation of vote.

  10. Read first time, referred to State Government.

  11. Message from House.

  12. Immediate message.

  13. Passed House, ayes 98, nays 0.

  14. Amendment H-1181 out of order.

  15. Amendment H-1225 adopted.

  16. Amendment H-1225 filed.

  17. Amendment H-1181 filed.

  18. Introduced, placed on calendar.

Sponsorship breakdown

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0 sponsors · 0 co-sponsors · 150 not signed on

Sponsors (0)

None.

Co-sponsors (0)

None.

Not signed on (150)

150 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

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This bill has been enacted into law. Introduced March 07, 2017. Enacted.
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