MS HB1641

Expands the definition of "real estate broker" to include limited liability companies and restructures the list of covered activities including listing, selling, purchasing, exchanging, renting, leasing, managing, and auctioning real estate

Adds a new definition of "brokerage agreement" as a written agreement between a real estate broker and consumer that establishes the brokerage relationship and states terms, conditions, and compensation

Changes terminology from "responsible broker" to "principal broker" and updates license transfer procedures to require electronic acknowledgment by the current principal broker rather than physical return of the license

Modifies delinquency notification requirements so written notice of unpaid renewal fees will be delivered via email to the licensee and broker on file, rather than by certified mail

Extends the "reasonable time" for brokers to deposit earnest money or other funds into trust accounts from the next banking day to the second banking day