Bill > HB1347

This bill introduces several changes to real estate regulations in Indiana. It requires broker companies to deposit funds belonging to others into a trust account and maintain detailed records of these funds. The bill increases the requirement for becoming a managing broker from two to three years of active broker's license and adds a written examination requirement. It mandates that residential real estate sales disclosure forms now include additional disclosures, specifically noting if a property is located within a locally designated historic district or subject to a conservation easement. The Indiana professional licensing agency, in consultation with the real estate commission, must now conduct both annual and random audits of more than 1% but less than 10% of brokers required to take continuing education courses. The bill also updates provisions related to listing and buyer agency agreements by expanding their scope to include leasing and tenant representation. Additionally, the bill makes technical corrections to existing language regarding trust accounts, continuing education compliance, and property disclosure requirements, with all changes set to take effect on July 1, 2025.