Bill Text: IN SB0615 | 2013 | Regular Session | Amended
Bill Title: Real estate licensing.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Passed) 2013-05-13 - Public Law 200 [SB0615 Detail]
Download: Indiana-2013-SB0615-Amended.html
Citations Affected: IC 25-34.1.
Synopsis: Real estate agents and brokers. Provides that to be a
managing broker licensed under the real estate licensing law, an
individual must meet certain requirements. Provides that real estate
licenses are valid for a term of three years and expire on a date set by
the licensing agency. Removes a requirement that the Indiana real
estate commission must adopt certain rules annually. Allows real estate
schools to offer managing broker courses beginning July 1, 2013.
Requires that instructors at real estate schools must have permits to
teach. Provides for permits for real estate schools.
Effective: July 1, 2013; July 1, 2014.
January 17, 2013, read first time and referred to Committee on Commerce, Economic
Development & Technology.
February 11, 2013, amended, reported favorably _ Do Pass.
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
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A BILL FOR AN ACT to amend the Indiana Code concerning
professions and occupations.
(1) "Person" means an individual, a partnership, a corporation, or a limited liability company.
(2) "Commission" means the Indiana real estate commission.
(3) "Real estate" means any right, title, or interest in real property.
(4) "Broker" means a person who:
(A) for consideration, sells, buys, trades, exchanges, options, leases, rents, manages, lists, or appraises real estate or negotiates or offers to perform any of those acts; and
(B) is acting in association with and under the auspices of a managing broker.
(5) "License" means a broker license issued under this article and which is not expired, suspended, or revoked.
(6) "Licensee" means a person who holds a license issued under this article. The term does not include a person who holds a real
estate appraiser license or certificate issued under the real estate
appraiser licensure and certification program established under
IC 25-34.1-3-8.
(7) "Course approval" means approval of a broker course granted
under this article which is not expired, suspended, or revoked.
(8) "Licensing agency" means the Indiana professional licensing
agency established by IC 25-1-5-3.
(9) "Board" refers to the real estate appraiser licensure and
certification board established under IC 25-34.1-8-1.
(10) "Commercial real estate" means a parcel of real estate other
than real estate containing one (1) to four (4) residential units.
This term does not include single family residential units such as:
(A) condominiums;
(B) townhouses;
(C) manufactured homes; or
(D) homes in a subdivision;
when sold, leased, or otherwise conveyed on a unit-by-unit basis,
even if those units are part of a larger building or parcel of real
estate containing more than four (4) residential units.
(11) "Out-of-state commercial broker" includes a person, a
partnership, an association, a limited liability company, a limited
liability partnership, or a corporation that is licensed to do
business as a broker in a jurisdiction other than Indiana.
(12) "Out-of-state commercial salesperson" includes a person
affiliated with an out-of-state commercial broker who is not
licensed as a broker under this article.
(13) "Managing broker" refers to a broker whom the commission
holds responsible for the actions of licensees who are affiliated
with the managing broker and who meets the requirements of
IC 25-34.1-4-0.5.
(1) administer and enforce the provisions of this article;
(2) adopt rules in accordance with IC 4-22-2 and prescribe forms for licenses, applications, and other documents which are necessary or appropriate for the administration and enforcement
of this article;
(3) issue, deny, suspend, and revoke licenses in accordance with
this article, which licenses shall remain the property of the
commission;
(4) subject to IC 25-1-7, investigate complaints concerning
licensees or persons the commission has reason to believe should
be licensees, including complaints respecting failure to comply
with this article or the rules, and, when appropriate, take action
pursuant to IC 25-34.1-6;
(5) bring actions, in the name of the state of Indiana, in an
appropriate circuit court in order to enforce compliance with this
article or the rules;
(6) inspect the records of a licensee in accordance with rules and
standards prescribed by the commission;
(7) conduct, or designate a member or other representative to
conduct, public hearings on any matter for which a hearing is
required under this article and exercise all powers granted in
IC 4-21.5;
(8) adopt a seal containing the words "Indiana Real Estate
Commission" and, through its executive director, certify copies
and authenticate all acts of the commission;
(9) utilize counsel, consultants, and other persons who are
necessary or appropriate to administer and enforce this article and
the rules;
(10) enter into contracts and authorize expenditures that are
necessary or appropriate, subject to IC 25-1-6, to administer and
enforce this article and the rules;
(11) maintain the commission's office, files, records, and property
in the city of Indianapolis;
(12) grant, deny, suspend, and revoke approval of examinations
and courses of study as provided in IC 25-34.1-5;
(13) provide for the filing and approval of surety bonds which are
required by IC 25-34.1-5;
(14) adopt rules in accordance with IC 4-22-2 necessary for the
administration of the investigative fund established under
IC 25-34.1-8-7.5;
(15) annually adopt emergency rules under IC 4-22-2-37.1 to
adopt any or all parts of Uniform Standards of Professional
Appraisal Practice (USPAP), including the comments to the
USPAP, as published by the Appraisal Standards Board of the
Appraisal Foundation, under the authority of Title XI of the
Financial Institutions Reform, Recovery, and Enforcement Act
(12 U.S.C. 3331-3351);
(16) exercise other specific powers conferred upon the
commission by this article; and
(17) adopt rules under IC 4-22-2 governing education, including
prelicensing, postlicensing, and continuing education.
(b) An instructor permit under subsection (a) must:
(1) be issued for a term of three (3) years and expires on a date set by the licensing agency; and
(2) expire if not renewed by the end of the permit period.
(c) An instructor issued a permit under subsection (a) must meet the following requirements:
(1) Be a licensed real estate broker or attorney licensed in Indiana.
(2) Each year, complete four (4) hours of continuing education approved by the licensing agency and specific to providing real estate instruction. Hours earned under this subdivision may be used toward the completion of the continuing education requirement for a broker under IC 25-34.1-9-11.
(3) Pay applicable fees established under rules adopted by the commission under IC 4-22-2.
(4) Meet any additional requirements established by the commission under rules adopted under IC 4-22-2.
(d) If a permit expires under subsection (b)(2), to return the permit to active status, the instructor must:
(1) successfully complete continuing education requirements required by the commission;
(2) file a renewal application;
(3) pay a renewal fee under rules adopted by the commission
under IC 4-22-2; and
(4) pay any applicable late fees established under rules
adopted by the commission under IC 4-22-2.
(b) A real estate school permit under subsection (a) must meet the following requirements:
(1) For online courses, an instructor that has been issued a permit under this chapter must be available during normal business hours.
(2) Course rosters must be provided to the commission each month.
(3) A school must pay the permit fees established by the commission under subsection (d).
(c) The commission shall establish a permit period for real estate schools. A permit issued under this section must be renewed at the end of the period established by the commission.
(d) The commission shall establish, by rule adopted under IC 4-22-2, fees for permits under this section.
(e) A school must annually file with the commission a list of courses offered by the school.
(b) An instructor permit under subsection (a) must:
(1) be issued for a term of three (3) years and expire on a date set by the licensing agency; and
(2) automatically expire if not renewed by the end of the permit period.
(c) An instructor issued a permit under subsection (a), must meet the following requirements:
(1) Be a licensed real estate broker or attorney licensed in Indiana.
(2) Each year, complete four (4) hours of continuing education approved by the licensing agency and specific to providing real estate instruction. Hours earned under this subdivision may be used toward the completion of the continuing education requirement for a broker under IC 25-34.1-9-11.
(3) Pay applicable fees established under rules adopted by the commission under IC 4-22-2.
(4) Meet any additional requirements established by the commission under rules adopted under IC 4-22-2.
(d) If a permit expires under subsection (b)(2), to return to active status, the instructor must:
(1) successfully complete continuing education requirements set by the commission;
(2) file a renewal application;
(3) pay a renewal fee under rules adopted by the commission under IC 4-22-2; and
(4) pay any applicable late fees established under rules adopted by the commission under IC 4-22-2.
