The bill amends section 2512 of the Occupational Code, which outlines the penalties for licensees in real estate transactions. Key provisions include the requirement for licensees to provide written agency disclosures to prospective buyers or sellers, and the stipulation that licensees must not represent multiple parties in a transaction without their knowledge. Additionally, the bill introduces new language regarding the handling of funds, specifying that real estate brokers must deposit money belonging to others into a custodial trust or escrow account and maintain detailed records of these transactions.

Furthermore, the bill clarifies the conditions under which a licensee may assist a buyer in developing or negotiating offers before a written buyer agency agreement is established. It emphasizes that a prospective buyer remains a customer until such an agreement is signed, and that an agency relationship cannot be assumed without written consent. The bill also sets a timeline for filing complaints related to violations, requiring them to be submitted within 18 months of the alleged infraction or the completion of the related transaction.

Statutes affected:
House Introduced Bill: 339.2512