Legislative Session number- 86

Bill Name: HF2942

HF 2942

FIRST ENGROSSMENT

Sec. 1: Licensees and applicants for licenses
required to provide email address.

Sec. 2: Commissioner of commerce general
powers provisions modified.

Sec. 3: Earned credit provisions modified for
instructors and licensees.

Sec. 4: Group policies notification format
requirements modified.

Sec. 5: Fees and commissions provisions
modified.

Sec. 6: Third-party notices by insurers language provided.

Sec.
7: Certificate of insurance issuance provisions modified.

Sec. 8:
Cancellation notice provisions modified.

Sec. 9: Applicant disclosures
provisions modified.

Sec. 10: Disclosures provisions modified.

Sec. 11:
Limited lines insurance provisions modified.

Sec. 12: Notice of insurance
options provisions modified after lay off or termination.

Sec. 13: Notice of
insurance options provisions modified after lay off or termination.

Sec. 14:
Medicare supplement policy or certificate provisions modified.

Sec. 15:
Guaranteed renewal certain language stricken.

Sec. 16: Medicare definition
modified.

Sec. 17: Waiver provisions modified of preexisting conditions for
persons whose coverage is terminated or who exceed the maximum lifetime
benefit.

Sec. 18: Small employer benefits plans provisions modified.

Sec.
19: Exchange for long-term care partnership policy provisions modified.

Sec.
20: Contingent benefit upon lapse provisions modified.

Sec. 21: Long term
care insurance coverage insurer or marketing entity requirements modified.


Sec. 22: Possible cancellation of notice provisions modified.

Sec. 23:
Use of credit information limitations provisions modified.

Sec. 24: Health
carrier electronic transmission of required information provisions
modified.

Sec. 25: Covered persons provisions modified.

Sec. 26: Purpose
and scope of certain statutes language stricken.

Sec. 27: Adjuster classes of
licenses provisions modified.

Sec. 28: Independent or public adjuster
licensee requirement modified.

Sec. 29: Bond provisions modified.

Sec. 30:
Private employers who have ceased to be self-insured; provisions
modified.

Sec. 31: Definitions language modified.

Sec. 32: Exempt
transactions provisions modified.

Sec. 33: Recession offer filing fee
provisions modified.

Sec. 34: Brokerage and business entity definitions
provided.

Sec. 35: Protective list definition modified.

Sec. 36:
Responsible person definition provided.

Sec. 37: Compensation language
modified and provided.
Subd. 1: Licensee authorized to receive only from
licensed real estate broker.
Subd. 1a: Commission-splitting, rebates, referral
fees, and fees language provided.
Subd. 2: Undisclosed compensation
language.
Subd. 2a: Sharing of compensation with other brokers authorization
allowed by seller.
Sud. 3: Limitation on broker when transaction not completed
language.
Subd. 3a: Payment of compensation direction allowed by licensed real
estate broker or sales person.
Subd. 3b: Closing agent fee language
provided.

Sec. 38: Listing agreement contents and protective lists provisions
modified.

Sec. 39: Broker payment consolidation provisions modified.

Sec.
40: Limited broker���s license applicant requirements modified.

Sec.
41: Real estate licensing experiment requirement waiver authorization provided
for certain individuals.

Sec. 42: New licenses instructions provisions
modified.

Sec. 43: Applicant qualification provisions modified.

Sec. 44:
License for application contents provisions modified.

Sec. 45: Business
entity brokerage licenses provisions modified.

Sec. 46: Licensing continuing
education and instruction provisions modified.

Sec. 47: Salesperson���s
license duration provisions modified.

Sec. 48: Broker���s
responsibility to renew license of each eligible salesperson language
provided.

Sec. 49: Timely license renewals provisions modified.

Sec. 50:
Commissioner license issuance general provisions modified.

Sec. 51:
Additional broker���s license requirements modified.

Sec. 52: Sales
person issuance of license language stricken.

Sec. 53: License effective date
provisions modified.

Sec. 54: Limited broker���s license activities
authorized.

Sec. 55: Notice to Commissioner language.
Subd. 1: Licensee
change of information notice requirement provisions modified.
Subd. 2:
Mandatory licensee notification language modified.
Subd. 3: Civil judgment
language modified.
Subd. 4: Disciplinary action certain language
stricken.
Subd. 5: Criminal offense certain language stricken.

Sec. 56:
License required to act as a real estate broker or real estate
salesperson.

Sec. 57: Misrepresentation as licensee provisions
modified.

Sec. 58: Limitation on a broker when transaction not completed
language provided.

Sec. 59: Document retention provisions modified.

Sec.
60: Document storage language provided.

Sec. 61: Document destruction
language provided.

Sec. 62: Noncompliance penalty language modified.

Sec.
63: Supervisions responsibilities of brokers provisions modified.

Sec. 64:
Advertising requirements language provided.

Sec. 65: Real estate closing
agent licensing language provided.
Subd. 1: License issuance by commissioner
authorized.
Subd. 2: Applicant qualifications provided.
Subd. 3: Contents of
application information language provided.
Subd. 4: Closing services-related
instruction language provided.
Subd. 5: Change of applicant information notice
required.
Subd. 6: Exemptions provided.

Sec. 66: Other disclosure
requirements language provided.
Subd. 1: Agent of broker disclosure language
provided.
Subd. 2: Financial interests or relative or business associate
disclosure required by licensee.
Subd. 3: Material facts disclosure
requirements provided.
Subd. 4: Nonperformance of party disclosure requirements
provided.

Sec. 67: Real Estate Appraiser Advisory Board members provisions
and meeting conduct provisions modified.

Sec. 68: Proof of insurance; policy
cancellation provisions modified.

Sec. 69: Contractor insurance requirement
provisions modified.

Sec. 70: Plumbing license applicant insurance provisions
modified.

Sec. 71: Water conditioning contractor and installer licensee
insurance policy provisions modified.

Sec. 72: Commercial general liability
insurance policy provisions modified.

Sec. 73: High pressure pipefitting
insurance policy provisions modified.

Sec. 74: Manufacturers and dealers
license prerequisites language modified.

Sec. 75: Retail license insurance
requirements provisions modified.

Sec. 76: Appointments to Real Estate
Appraiser Advisory Board language provided.

Sec. 77: Repealer provided.