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.