Substitute Senate Bill No. 340, also known as Public Act No. 26-23, introduces significant amendments to the real estate licensing and education requirements in Connecticut, effective October 1, 2026. The bill establishes a two-year renewal license for real estate licensees, mandating that applicants complete a minimum of twelve hours of approved continuing education courses and pay a biennial processing fee of eight dollars. It also outlines penalties for non-compliance with these education requirements, with fees ranging from $315 to $625. Additionally, the bill replaces the term "salesperson" with "agent" throughout various sections of the law, modernizing the terminology used in the real estate profession. The Commissioner of Consumer Protection is tasked with adopting regulations for continuing education, including provisions for exceptions due to health or hardship.

Moreover, the bill introduces new definitions and provisions, such as "custodial broker" and "designated agency," and clarifies the responsibilities of real estate professionals regarding disclosures and the handling of confidential information. It mandates that sellers provide a comprehensive written residential condition report when transferring residential real property, detailing the property's condition and any known issues. The legislation also emphasizes the importance of transparency in real estate transactions, particularly concerning properties with potential foundation issues, and establishes a framework for public marketing of residential properties. Overall, the bill aims to enhance professionalism, accountability, and consumer protection within the real estate industry in Connecticut.

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