This bill aims to revise laws related to realty regulation by changing the structure and oversight of property management in the state. It proposes to transfer the oversight of property managers from the Board of Realty Regulation to the Department of Labor and Industry, thereby establishing new licensing requirements for property managers. The bill also includes provisions for exemptions and introduces penalties for non-compliance with trust account requirements. Additionally, it seeks to repeal existing licensing and registration requirements for timeshare sales, streamlining the regulatory framework.

The bill amends several sections of the Montana Code Annotated (MCA), specifically sections 2-15-1757, 37-1-401, 37-51-102, 37-51-103, 37-51-204, 37-51-313, 37-51-321, and 37-51-324, while repealing a significant number of sections related to timeshare sales and property management, including sections 37-51-601 through 37-51-608 and 37-53-101 through 37-53-506. This comprehensive approach aims to modernize the regulatory landscape for realty and property management in the state.

Statutes affected:
SB0455_1.pdf: 2-15-1757, 37-1-401, 37-51-102, 37-51-103, 37-51-204, 37-51-313, 37-51-321, 37-51-324
Introduced: 2-15-1757, 37-1-401, 37-51-102, 37-51-103, 37-51-204, 37-51-313, 37-51-321, 37-51-324