HB 1258 Summary

• Amends North Dakota real estate commission statutes to modernize licensing administration, trust account handling, and disciplinary procedures for real estate brokers and salespersons.

• Increases broker license experience requirement from one year to two years of active engagement as a licensed salesperson; requires 90 hours of approved coursework for salespersons and additional 60 hours for brokers.

• Raises maximum fine for license violations from $2,500 to $5,000 and permits commission to recover actual costs including attorney's fees in disciplinary proceedings.

• Requires brokers to maintain detailed records of earnest money associated with all transactions even if funds are deposited directly with title companies, and allows brokers to waive trust accounts if they receive written waivers from the commission.

• Repeals chapter 43-23.4 (broker trust account regulations) and consolidates trust account requirements into section 43-23-14.1; changes license renewal deadline from March 1 to January 15 annually.