SB309 Summary

• Adds new definitions and clarifies requirements for real estate brokerage agreements, schools, administrators, and instructors offering approved courses.

• Requires real estate licensing for certain lease and rental arrangements, including collection and escrow of security deposits and rental payments.

• Increases continuing education requirement for active salesperson and broker license renewal from 15 to 18 clock hours per two-year license period.

• Expands regulations for proprietary schools offering prelicense and postlicense courses, including surety bond requirements of $20,000 and licensing fees for schools, administrators, and instructors.

• Makes the bill effective on the first day of the third month following passage and approval by the Governor.