Substitute Senate Bill No. 340 seeks to modernize the real estate profession in Connecticut by updating terminology, enhancing continuing education requirements, and improving transparency in real estate transactions. Key provisions include the establishment of a two-year renewal license for real estate licensees, which mandates completion of at least twelve hours of approved continuing education courses, with each course being a minimum of two hours long. The bill also introduces a biennial processing fee of eight dollars and outlines penalties for non-compliance. Notably, the term "real estate salesperson" is replaced with "real estate agent" throughout the legislation, reflecting a contemporary understanding of the profession. Additionally, the bill requires real estate teams to register with the Department of Consumer Protection and clarifies the responsibilities of brokers and agents in managing property transactions.

The bill further enhances disclosure obligations for sellers of residential properties by mandating the provision of a written residential condition report to prospective buyers, detailing the property's condition and any known issues. This report must be attached to any binding agreements and includes specific exemptions for certain transactions. The bill also emphasizes the importance of public marketing for properties, requiring agents to ensure equitable access to property information while allowing sellers to opt-out of public marketing through a designated form. Violations of these regulations could result in significant penalties, including fines and potential license suspension. Overall, the bill aims to improve the regulatory framework governing real estate practices, ensuring clarity and protection for both professionals and consumers, with most provisions set to take effect on January 1, 2027.

Statutes affected:
Raised Bill: 20-319, 20-311, 20-312a, 20-314, 20-324l, 20-325l, 20-526, 31-222, 47-17a, 47-100
INS Joint Favorable Substitute: 20-319, 20-311, 20-312a, 20-314, 20-324l, 20-325l, 20-526, 31-222, 47-17a, 47-100
File No. 222: 20-319, 20-311, 20-312a, 20-314, 20-324l, 20-325l, 20-526, 31-222, 47-17a, 47-100