The proposed bill, HB1558, seeks to amend the Arkansas Real Estate Commission laws by introducing two new specialized licenses: the Property Management Broker and the Property Management Associate licenses. Recognizing the distinct skills required for property management compared to traditional real estate roles, the bill aims to enhance the quality of property management services in Arkansas. It outlines the responsibilities and definitions associated with these new licenses, with the Arkansas Real Estate Commission overseeing the licensing process. The bill also revises existing definitions and provisions, including the inclusion of property management associates and brokers in the definition of licensees, and updates legal language regarding exemptions, civil penalties for unlicensed activity, and the authority to issue broker's price opinions.

Additionally, the bill establishes new education and experience requirements for obtaining real estate licenses, including specific hours of education for property management brokers and associates, and mandates post-licensure education within six months of obtaining a license. It also requires property management brokers to maintain a physical place of business and supervise associates, while introducing penalties for violations such as operating without a valid license. The Arkansas Real Estate Commission is tasked with creating rules for implementing the act and maintaining a dedicated section on its website for property management licensee information. Overall, the legislation aims to enhance the regulatory framework governing real estate and property management practices in Arkansas, ensuring that all licensees meet educational and operational standards.

Statutes affected:
Old version HB1558 V2 - 3-5-2025 02:46 PM: 17-42-103, 03-05-2025, 4-29-101, 4-38-1201, 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, 17-42-303, 17-42-304, 17-42-313, 17-42-306, 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), 17-42-501, 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)
Old version HB1558 Original - 2-24-2025 01:09 PM: 17-42-103, 4-29-101, 4-38-1201, 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, 17-42-303, 17-42-304, 17-42-313, 17-42-306, 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), 17-42-501, 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)
HB 1558: 17-42-103, 4-29-101, 4-38-1201, 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, 17-42-303, 17-42-304, 17-42-313, 17-42-306, 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), 17-42-501, 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)
Act 392: 17-42-103, 03-05-2025, 4-29-101, 4-38-1201, 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, 17-42-303, 17-42-304, 17-42-313, 17-42-306, 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), 17-42-501, 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)