HF2694 Summary

• Defines "buyer's broker" and "seller's broker" as licensees representing buyers or sellers under signed agreements who owe fiduciary duties to their clients.

• Modifies override clause provisions to apply to both listing agreements (for properties) and buyer representation agreements (for properties shown to buyers), with protective lists required within 72 hours of expiration.

• Expands "primary broker" definition to include officers of limited liability companies licensed as brokers, and updates responsibility provisions for LLC officers similar to corporate officers and partners.

• Changes business entity license application requirements from requiring verification by at least two responsible persons to verification by a single responsible person.

• Revises earnest money deposit requirements to follow written party agreements, with a default three-day deposit timeline, and establishes specific grounds for trust fund disbursement (closing, written agreement, affidavit, or court order) with ten-day disbursement deadline.