This bill proposes to exempt property managers from the requirement of obtaining a license from the Arkansas Real Estate Commission. It amends the definition of "unlicensed real estate activity" to clarify that acting as a property manager does not fall under this category if the individual complies with specific regulations outlined in the law. Additionally, the bill introduces a new definition for "property manager," detailing the various responsibilities and activities that qualify an individual for this designation, such as leasing, renting, and managing real estate on behalf of property owners.

Furthermore, the bill establishes exemptions for individuals who are not licensed but perform property management activities, provided they meet certain criteria. These criteria include having two or more years of experience managing a significant number of rental units or holding a certification from a recognized national institute. Additionally, individuals must not have felony convictions and must possess a fidelity bond of $100,000. This legislative change aims to streamline the property management process while ensuring that qualified individuals can operate without the burden of licensure.

Statutes affected:
HB 1700: 17-42-103(13), 17-42-103, 17-42-104(a)