HB 26-1287

HB 26-1287 is a Colorado bill that extends the regulatory functions of the Division of Real Estate and its commission until 2037. It updates rules for real estate licensing, including penalties for misconduct and requirements for continuing education. The bill also allows brokers to share confidential information with their employers under certain conditions and makes language gender-neutral throughout. Since it has been signed into law, these changes are now in effect and will impact real estate professionals and consumers in Colorado.

Official Summary

The act implements recommendations of the department of regulatory agencies in its sunset review and report concerning certain regulatory functions of the division of real estate (division), including the real estate commission (commission), the registration of subdivision developers, and requirements for home warranty service contracts. Specifically:Sections 1 through 5 of the act continue the division, including the commission and subdivision developers, for 11 years, until 2037, and remove home warranty service contracts from the sunset schedule;Section 6 authorizes the commission to deny a license to an applicant who has committed any of certain offenses;Section 7 extends the time that must elapse before the commission may consider an application for licensure from a person whose license was revoked from one year to 2 years. Section 7 also updates gendered language to gender-neutral language.Sections 7, 13, 14, and 25 allow the commission to communicate with licensees via electronic mail for certain purposes;Section 8 authorizes the commission to inactivate the license of a licensee who fails to comply with continuing education requirements. Section 8 also allows the division to charge a fee to each provider that submits a continuing education course.Section 9 clarifies that any licensed broker may elect to have a license issued in a previously used legal name. Section 9 also updates gendered language to gender-neutral language.Sections 10 and 11 remove language requiring the commission to serve subpoenas in the same manner as subpoenas issued by a district court and substitute language stating that subpoenas may be enforced by a court with jurisdiction;Section 12 requires the division to establish protocols addressing the security of electronic correspondence;Sections 15 through 20 and 25 update gendered language to gender-neutral language;Section 17 also changes disclosure requirements surrounding a real estate broker's affiliated business arrangement by requiring the broker to disclose the arrangement to the party the broker represents at the time of making a referral, instead of disclosing at the time the real estate purchase is fully executed; and Sections 21 through 24 allow a broker working with a buyer, seller, landlord, or tenant to disclose the buyer's, seller's, landlord's, or tenant's confidential information to the broker's employing broker or to the employing broker's designee for the purpose of proper supervision so long as the employing broker or designee does not use the confidential information to the detriment of the buyer, seller, landlord, or tenant.(Note: This summary applies to this bill as enacted.)

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