SB 17-215

Senate Bill 17-215 extends the regulation and oversight of real estate brokers and subdivision developers by the Colorado Real Estate Commission until 2026. It also updates rules for broker licensing requirements, including how many transactions a new employing broker must complete before hiring others. The bill consolidates various funds used in licensing processes into one fund and standardizes when broker licenses expire each year on December 31st. Since the status is "signed," this means the bill has been approved by both houses of the Colorado legislature and signed into law by the governor, making these changes official.

Official Summary

Sunset Process - Senate Business, Labor, and Technology Committee. Sections 1 through 4 of the bill continue the division of real estate, the real estate commission, and the regulation of real estate brokers and subdivision developers for 9 years, until 2026. Section 5 directs the real estate commission (commission) to establish, by rule, the number of transactions that a broker must have completed before becoming an employing broker. Section 10 adds to the current provisions on referral fees to require that referral fee agreements conform to the requirements of both state and federal law. Sections 8 and 11 through 18 consolidate the various cash funds used for several licensing functions and programs administered by the division of real estate into a single cash fund. Section 7 makes broker licenses expire uniformly on December 31 rather than requiring licensees to apply for renewal at various times throughout the year on their individual anniversary dates. Section 9 defines 'conviction' to include deferred judgments and deferred sentences, in provisions listing factors the commission may consider when determining whether to discipline a licensee. Section 6 modifies the composition of the commission to require that one of the 3 broker members be a broker with experience in property management.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

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