Substitute Senate Bill No. 340, also known as Public Act No. 26-23, revises the continuing education requirements for real estate licensees in Connecticut, establishing a two-year renewal cycle that mandates a minimum of twelve hours of continuing education or a written examination on current real estate practices. The bill introduces a biennial processing fee of eight dollars for continuing education submissions and outlines penalties for non-compliance. Additionally, it updates terminology by replacing "salesperson" with "agent" throughout the legislation, including in definitions and provisions related to real estate practices. The Commissioner of Consumer Protection is tasked with adopting regulations for continuing education, including exceptions for health or hardship.

The bill further clarifies various definitions and provisions, such as introducing terms like "custodial broker" and "designated agency," and emphasizes the importance of confidentiality in real estate transactions. It mandates that real estate teams register with the Department of Consumer Protection and outlines the responsibilities of supervising licensees. The legislation also includes new requirements for written residential condition reports, particularly concerning properties with crumbling foundations, and establishes guidelines for public marketing of residential properties. Overall, the bill aims to modernize the regulatory framework governing real estate professionals, enhance consumer protection, and ensure that licensees are well-informed about current practices and laws.

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
Public Act No. 26-23: 20-319, 20-311, 20-312a, 20-314, 20-324l, 20-325l, 20-526, 31-222, 47-17a, 47-100