Senate Bill 1323 Summary

• Requires all actively licensed real estate licensees to maintain errors and omissions insurance, with the commission contracting for coverage through competitive bidding at a maximum premium of $200 per year plus up to $10 administrative fee, with licensees having the option to obtain independent coverage meeting commission standards.

• Allows a licensed salesperson who obtains a broker license to retain the renewal period and expiration date of their salesperson license rather than establishing a new renewal period.

• Revises continuing education requirements to specify that licensees renewing on active status must complete a commission core course plus 16 classroom hours, and clarifies that credits used to activate an inactive license cannot be applied to subsequent renewal periods.

• Requires licensees dealing with their own property to disclose in writing to buyers or sellers no later than at the time of presentation of the purchase and sale agreement that they hold an active Idaho real estate license.