HB 476 Summary

• Amends Section 54-2038 to clarify that designated brokers must be "reasonably available" during regular business hours to manage and supervise the brokerage company and maintain adequate contact with sales associates.

• Removes the presumption that a broker employed full-time elsewhere is unable to manage the brokerage, allowing brokers to overcome this presumption with evidence satisfactory to the commission.

• Eliminates provisions from Section 54-2039 regarding specific absence periods (21 days and 60 days) for brokers and branch managers, streamlining broker availability requirements.

• Clarifies that only actively licensed brokers or associate brokers may prepare broker price opinions, which must be done with notification to and fees paid through the designated broker.

• Makes technical corrections to Section 54-2040 and removes references to Section 54-2039(1) in the lending license prohibition provision.