SB2901 Summary

• Amends the Real Estate License Act of 2000 to modify definitions, licensing requirements, continuing education standards, and disciplinary procedures for managing brokers, brokers, and residential leasing agents.

• Transfers the remaining balance from the Real Estate Audit Fund to the Real Estate License Administration Fund on January 1, 2021, and dissolves the Audit Fund; repeals the Real Estate Audit Fund in the State Finance Act.

• Updates continuing education requirements to reference "term of licensure" instead of "renewal period" and requires residential leasing agents to complete 8 hours of core curriculum during their license term rather than each 2-year renewal period.

• Modifies agency relationship disclosure requirements and adds prohibition on dual agency when the licensee or an entity in which the licensee has an interest is a party to the transaction.

• Establishes citation system for continuing education violations with fines up to $2,000, adds requirements for unpaid fines/fees to prevent license renewal or issuance, and repeals the Real Estate Regulation Transfer Act.