The bill amends the Arkansas Real Estate License Law to introduce a specialized licensing requirement for property managers, recognizing that their skills differ from those of real estate brokers and salespersons. The Arkansas Real Estate Commission will oversee this new licensing process, which aims to enhance property management services and reduce the educational burden on individuals not pursuing broader real estate activities. The legislation outlines the definitions, responsibilities, and educational requirements for property managers, ensuring they are adequately trained and licensed to protect the interests of property owners and tenants.

Additionally, the bill modifies existing provisions to incorporate property managers into the regulatory framework, allowing for complaints and disciplinary actions to be handled similarly to those for brokers and salespersons. It establishes that property managers must hold an active license to engage in property management activities and sets forth continuing education requirements for license renewal. The bill also introduces a fee structure for property manager licenses and mandates that the Arkansas Real Estate Commission implement necessary rules by January 1, 2024. Overall, the legislation aims to improve the quality and regulation of property management in Arkansas.

Statutes affected:
HB 1361: 17-42-103, 17-42-104(a), 17-42-107(a), 17-42-301(a), 17-42-301(d), 17-42-301, 17-42-303(a), 17-42-304, 17-42-313, 17-42-307(b), 17-42-307(c), 17-42-308(a), 17-42-312(a), 17-42-312(d), 17-42-313(a), 17-42-314(b), 17-42-405(a), 17-42-514(a)