The bill, S.B. No. 1476, aims to enhance the regulation of real estate professionals in Texas, including brokers, agents, inspectors, appraisers, and appraisal management companies. It amends existing provisions in the Occupations Code regarding the suspension or revocation of licenses for various offenses. Notably, it introduces new criteria for disciplinary actions, including the requirement for license holders to notify the commission of any felony or fraud-related convictions within 30 days. The bill also establishes a new section that mandates the suspension or revocation of licenses for individuals convicted of specific felonies or offenses related to fraud, with a ten-year waiting period before they can reapply for a license.

Additionally, the bill specifies that the new provisions apply to offenses committed on or after January 1, 2020, and requires the Texas Real Estate Commission and the Texas Appraiser Licensing and Certification Board to adopt necessary rules for implementation. The changes aim to ensure that individuals with serious criminal backgrounds are not eligible to hold licenses in the real estate sector, thereby promoting integrity and trust in the industry. The bill is set to take effect immediately upon receiving a two-thirds vote from both houses or on September 1, 2025, if that threshold is not met.

Statutes affected:
Introduced: Occupations Code 1101.652 (Occupations Code 1101)