Bill > HB1361

This bill amends the Real Estate License Law to create a new property manager license requirement in Arkansas. Key provisions include: - Defining a "property manager" as an individual who rents, leases, or manages real estate for a fee or commission. - Requiring property managers to obtain a license from the Arkansas Real Estate Commission, similar to real estate brokers and salespersons. - Establishing education and continuing education requirements for property managers, including courses on property management principles, accounting, tenant rights, and fair housing. - Allowing property management firms to operate temporarily under the direction of a Commission-approved person if the property manager dies, resigns, or is incapacitated. - Authorizing the Real Estate Commission to set license application, renewal, and other fees for property managers. - Subjecting property managers to the same investigation, citation, and disciplinary procedures as real estate brokers and salespersons under the Real Estate License Law. The bill is set to take effect on January 1, 2024, and requires the Real Estate Commission to promulgate implementing rules by that date.

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https://www.arkleg.state.ar.us/Bills/Detail?id=hb1361&ddBienniumSession=2023%2F2023R