SB672 SUB H GOV AM #1

Wilkinson 3909

Delegate Lucas moves to amend the Senate committee substitute on page 2, section 30-40-19, line 30, after the word “brokers”, by striking the semicolon, and inserting a colon followed by the following proviso:

“Provided, however, That when a licensee has given notice to the licensee’s current broker about moving his or her license to a different broker and the licensee has pending contracts that may result in one or more commissions, the broker with whom the licensee was affiliated when such pending contracts were entered into may, after the licensee leaves the brokerage, remit to the licensee, upon receipt by the broker of the commission, any compensation due to the licensee under those contracts, and the licensee may receive such compensation notwithstanding the change of broker;”

And,

On page 2, section 30-40-19, line 33, by striking subdivision (16) in its entirety and inserting in lieu thereof of the following:

“(16) Except as provided in §30-40-19(a)(14) of this code, Accepts accepts compensation

as a salesperson or associate broker for any act specified in this article from any person other than his or her broker;”

And,

On page 5, section 30-40-19, line 106, after the period following the word “license”, by beginning a new paragraph and inserting the following text:

“(b) Nothing in this section shall be construed to prohibit a licensed salesperson or associate broker from participating in, coordinating, or leading a real estate team provided that: 

(1) The team operates under a single supervising broker of record;

(2) The supervising broker retains full responsibility for supervision, compliance, advertising, trust accounts, and agency disclosures; and 

(3) No team member represents or implies that he or she is acting as a broker unless duly licensed as such.

(c) Each real estate team must identify a team lead, who shall register with the commission upon their first renewal after acceptance of a team lead role. Thereafter, each team member and team lead shall register with the commission on an annual basis at the time of renewal.

(d) For identified team leads, additional hours of training shall be required for the next renewal from a team lead-centered education curriculum approved by the commission beginning July 1, 2027.”

And,

Redesignating current subsection headings (b), (c), (d), (e), (f), (g), and (h), as (e), (f), (g), (h), (i), (j) and (k), accordingly.

Adopted

Rejected