SB 302-FN – AS AMENDED BY THE SENATE
02/16/06 0820s
2006 SESSION
08/10
SENATE BILL 302-FN
COMMITTEE: Executive Departments and Administration
This bill changes certain licensing requirements for real estate brokers.
This bill was requested by the real estate commission.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
02/16/06 0820s
06-2738
08/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Six
AN ACT relative to real estate brokers.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Supervision of Real Estate Office. Amend RSA 331-A:16, I to read as follows:
I. Every real estate office or real estate branch office, whether operated as a corporation, partnership or sole proprietorship, shall be directed, supervised and managed by a licensed real estate broker. The principal broker shall submit to the commission a branch office [registration] application form prior to the opening of any branch office. The principal broker shall designate a managing broker for each branch office the principal broker opens. The principal broker shall notify the commission when any licensee associated with the principal broker transfers from one branch office to another branch office within the same association.
2 License Amendments. Amend RSA 331-A:17, I-IV to read as follows:
I. Any principal broker who changes the place of business shall notify the commission of the change in writing within [10] 5 days of the change.
II. A real estate principal broker who proposes to use a registered trade name in connection with a business [principal broker license] or [the] individual principal broker license shall state that fact on an amendment form, and submit the form along with the appropriate fee, the business or individual principal broker license to be amended, and a trade name registration form. The business or individual principal broker license shall be amended to include the trade name.
III. It is the responsibility of all licensees to notify the commission in writing of any changes to the licensee’s resident address, mailing address and work location address.
IV. The license of a real estate salesperson or associate broker shall be retained at all times by the principal broker and whenever a licensed salesperson or associate broker changes his or her affiliation from one licensed principal broker to another or ceases to represent the principal broker, the principal broker shall notify the commission in writing of the termination. Such notice shall be accompanied by the salesperson’s or associate broker’s license. Failure of any principal broker to notify the commission of such salesperson’s or associate broker’s termination within [10] 5 days after the termination of the salesperson or associate broker shall be grounds to discipline the principal broker.
3 Denial of Reciprocity. Amend RSA 331-A:23 to read as follows:
331-A:23 Denial of Reciprocity. No [nonresident] broker or salesperson applicant whose license as a broker or salesperson is under revocation or suspension in another state shall be granted a license as a broker or salesperson in this state; and, if already granted a [nonresident] license, it may be revoked or suspended as provided under this chapter upon proof of the other state’s action.
4 Prohibited Conduct. Amend RSA 331-A:26, I to read as follows:
I. Obtaining or attempting to obtain a license by means of fraud, misrepresentation or concealment.
5 Donation of Commissions to Charitable Organizations. Amend RSA 331-A:26, XXIV to read as follows:
XXIV. Paying or offering to pay valuable consideration, as defined by the commission, to any person not licensed under this chapter, except that valuable consideration may be shared with a licensed broker of another jurisdiction who is doing business regularly and legally within that broker's own jurisdiction. No licensee shall knowingly pay a commission or other valuable consideration to a licensed person knowing that the licensee will in turn pay a portion or all of that which is received to a person who does not hold a valid real estate license. A licensee who has allowed his or her license to expire or who has changed to inactive status or who has transferred to another responsible broker may receive compensation from the previous responsible broker for transactions in which the person participated during the time that the licensee was under the supervision of that responsible broker. Nothing shall prohibit a licensee from offering or contributing a portion of compensation directly to an exempt organization, as defined in section 501(c)(3) of the Internal Revenue Code of 1986, with the written consent of the parties to the transaction.
6 Effective Date. This act shall take effect 60 days after its passage.
LBAO
06-2738
12/6/05
SB 302-FN - FISCAL NOTE
AN ACT relative to real estate brokers.
FISCAL IMPACT:
The Legislative Budget Assistant has determined that this legislation has a total fiscal impact of less than $10,000 in each of the fiscal years 2006 through 2010.