The proposed bill seeks to amend the Arkansas Real Estate License Law by introducing two new licenses: the Property Management Broker and the Property Management Associate licenses. This change is driven by the recognition that the current requirement for individuals to hold a real estate broker license for property rental or leasing may be excessive, as property management requires distinct expertise. The bill aims to streamline the licensing process, reduce educational burdens for those focused on property management, and potentially foster job creation and improved service quality in the sector. Key amendments include the establishment of definitions for the new licenses, the responsibilities of property management associates and brokers, and the introduction of penalties for unlicensed activities.

Additionally, the bill outlines new requirements for property management education providers, mandating that individuals must hold a property management broker license to offer property management education starting July 1, 2025. It also specifies that courses for property management licensure must be approved by the Arkansas Real Estate Commission, and prohibits real estate licensees from receiving education credit for property management courses and vice versa. The bill further clarifies the powers and duties of the Arkansas Real Estate Commission, including the regulation of educational institutions and instructors, and establishes a timeline for the implementation of new rules. Overall, these amendments aim to enhance regulatory oversight and ensure that all professionals in the property management field adhere to established standards and practices.

Statutes affected:
HB 1573: 17-42-103, 4-29-101, 17-42-104(a), 17-42-107(a), 17-42-109(b), 17-42-110(a), 17-42-203(e), 17-42-301(a), 17-42-301(d), 17-42-301(e), 17-42-301, 17-42-302, 17-42-303, 17-42-304, 17-42-313, 17-42-307(b), 17-42-307(c), 17-42-308(a), 17-42-309, 17-42-310(c), 17-42-311(a), 17-42-312(a), 17-42-312(d), 17-42-313(a), 17-42-314(b), 17-42-401, 17-42-405(b), 17-42-406(a), 17-42-406(c), 17-42-501, 17-42-502(3), 17-42-502(12), 17-42-502(15), 17-42-502(17), 17-42-503(b), 17-42-504(c), 17-42-506, 17-42-513(a), 17-42-514(a), 17-42-514