House Bill No. 477 Summary

• Sales associates who obtain signed brokerage representation agreements must provide a true and legible copy to the designated broker or broker's office prior to the end of the next business day

• Sales associates must provide true and legible copies of any document signed by a buyer or seller to the designated broker or broker's office prior to the end of the next business day

• For fully executed purchase and sale agreements, counter offers, or addenda, sales associates must also provide true and legible copies to both the buyer and the seller

• Clarifies that brokerage representation agreements may be electronically generated or transmitted, faxed, or delivered by other methods and are deemed true and correct and enforceable as originals if parties agree in writing

• Maintains prohibition on automatic renewal clauses in buyer or seller representation agreements unless the agreement is completely nonexclusive with no financial obligations or fees from the signing party