Proposed Regulation 10.25

PROPOSED NEW RULE
CLEAN COPY
For purposes of promulgating rules pursuant to Act 31 of the 2023 Regular Session of the General Assembly

Rule 10.25- Waiver of certain requirements for principal brokers.

(a) Upon written request from a principal broker operating under the exemption contained in Arkansas Code
      § 17-42-104(a)(ll ), the executive director may waive certain requirements for principal brokers set forth
      in Title 17, Chapter 42 of the Arkansas Code and the Commission Rules related to the following:
          (1) Firm name approvals;
          (2) Place of business and signage;
          (3) Branch offices;
          (4) Handling of funds and maintenance of records; and
          (5) Trust funds, trust accounts, and disbursement of trust funds.
(b) The Principal Broker's request should clearly state their justification for requesting the waiver
      and include a written explanation of the business processes of the Arkansas-licensed residential
      construction company employing the principal broker pursuant to Arkansas Code § 17-42-104(a)(ll)(A)(iv)
      as those business processes relate to the waiver being requested. The Commission may request
      additional documentation or information from a principal broker requesting a waiver under this
      subsection.
(c) The executive director will determine, based upon the information provided, which requirements
      will be waived by the commission and will communicate the same in writing to the principal broker
      within thirty (30) days of receipt. The executive director may authorize issuance of a temporary
      interim license to a principal broker at the time the waiver request and accompanying items are
      submitted to the commission.
(d)(1) A principal broker whose request for a waiver under this rule is denied, in whole or in part, may
     request the commission's review of the executive director's determination, provided that
     any such request for reconsideration is made in writing and received by the commission within
     thirty (30) days of receipt of the executive director's written notice of determination.
     (2) The determination made by the commission in response to a request for review under this rule is
     not subject to appeal.
(e) A waiver provided under this rule shall not relieve the principal broker of:
     (1) The requirement to make open to inspection by the commission all records as required under this
      chapter; or
     (2) The obligation to fulfill all other requirements under Arkansas Real Estate License Law and
     Commission Rules.