New AREC Rules Effective July 1
Effective July 1, 2022, the following new and amended rules have been enacted.
• Rule 3.4 Waiver of Fees is responsive to Act 725 of 2021 which waives certain fees for license applicants who receive certain state benefits or fall below 200% of the Federal Poverty Income Guidelines.
• Rules 4.5, 6.1 and 11.1 are responsive to Act 135 of 2021, provides for automatic licensure for uniformed service members, veterans and their spouses as well as an extension of certain expiration dates for licenses and a full exemption from certain education requirements for a deployed uniformed service member or spouse during deployment and re-entry.
• Rule 4.6 is responsive to Act 748 of 2021 and therefore amended to reflect those offenses previously considered permanently disqualifying are now considered disqualifying offenses for which an applicant must obtain a waiver in order to hold a license.
• Rule 4.7 is responsive to Act 746 of 2021 and establishes that individuals holding a Federal Form I-766 USCIS Employment Authorization Document or “work permit” and who otherwise fulfill licensure requirements shall be issued a license by the Arkansas Real Estate Commission.
• Rule 13.1 is responsive to Act 733 of 2021, which establishes a registration requirement for time-share interest transfer services providers who operate in the state. The proposed amended rule will establish the registration and renewal fee and bond requirement amounts as set forth in the Act.
For more information, contact AREC at (501) 683-8010.