LEGISLATION PASSED DURING 2013 LEGISLATIVE SESSION
LEGISLATION PASSED DURING 2013 LEGISLATIVE SESSION
Act 112
• Affords licensees who have committed technical violations a less formidable resolution option
• Streamlines the disciplinary process to more efficiently address technical violations
• Lessens cost and resources committed to addressing technical violations
• Hopefully reduces the number of technical violations
www.arkleg.state.ar.us/assembly/2013/2013R/Acts/Act112.pdf
ACT 158
• Enables AREC to collect monies owed to the state of Arkansas by licensees found to have violated the real estate license law and commission regulations
• Provides a resource for AREC to replenish Recovery Fund directly from those licensees who owe the fund
• Lessens likelihood that all real estate licensees will have to be assessed to make up shortages caused by those who owe the fund
www.arkleg.state.ar.us/assembly/2013/2013R/Acts/act158.pdf
Act 281
• Provides real estate brokers and salespersons greater input on real estate educational issues, requirements, education providers and instructors
• Provides additional resources specific to and dedicated to real estate education
• Provides educators greater capability to address issues problematic to the real estate profession with an emphasis on consumer protection
• Increases AREC’s ability to monitor, assess and improve real estate education
• Allows AREC to expand on services offered to real estate educators
Amends broker pre-licensing requirements to include 45 hour AREC course
• Improves broker education for new broker applicants
• Offers optional educational opportunities to existing brokers
• Increases broker support for salespersons
• Ensures broker education desired by the industry will be available and sustainable
www.arkleg.state.ar.us/assembly/2013/2013R/Acts/Act281.pdf
ACT 710
• Updates existing language from 1983 to current industry terminology
• Provides for greater consumer protection through increased financial assurances
• Facilitates Arkansas’ resort developers’ ability to register and market Arkansas properties in other states
• Improves statutory fee structure for timeshare registration to (1) allow greater flexibility in setting fees to market and regulatory standards; and (2) allow for a more equitable proportioning of revenue stream for cash fund agency supported by multiple sources
