This bill amends provisions relating to real estate.
This bill:
- requires that the Department of Commerce make a recommendation to the Business and Labor Interim Committee regarding the jurisdiction of the Division of Real Estate and the Division of Consumer Protection over property management;
- defines terms;
- extends the implementation date for the property manager license to January 1, 2027;
- provides that the division shall make rules for the licensing of a dual broker;
- provides that a dual broker may engage in property management without obtaining a property management license;
- establishes the scope of a property manager license;
- requires an individual who holds a property manager license who is employed by a person that is required to affiliate with a principal broker to also affiliate with the principal broker;
- provides the conditions under which a property manager is not required to affiliate with a principal broker;
- amends provisions relating to investigating a violation of Title 61, Chapter 2f, Real Estate Licensing and Practices Act;
- provides requirements for the records that a brokerage and a property manager that meets certain requirements is required to maintain;
- amends the circumstances under which a property manager is not required to maintain property management client funds in a trust account; and
- makes technical changes.

Statutes affected:
Introduced:
Amended 2/27/2026 15:02:779:
Substitute #1:
Substitute #2: 13-11-3, 13-11-7
Enrolled:
Substitute #3: