AR HB1361

Creates a new property manager license category under Arkansas real estate law, requiring individuals who rent, lease, or manage real property for compensation to obtain a property manager license issued by the Arkansas Real Estate Commission.

Sets maximum education requirement of 60 hours for property manager license applicants, including 3 hours on Fair Housing Act, 7 hours on accounting and record keeping, 7 hours on habitability and tenant rights, and 7 hours on best practices.

Establishes licensing fees for property managers: up to $60 for initial license, $60 for annual renewal, and $80 for expired license fees; allows unlicensed individuals to own property management firms if their employees hold active property manager licenses.

Requires property managers to complete at least 6-7 hours of continuing education annually and applies existing disciplinary, investigation, and enforcement provisions of real estate law to property managers.

Effective January 1, 2024; directs the Arkansas Real Estate Commission to promulgate implementing rules by that date or as soon as practicable after Legislative Council approval.