On Mar. 25, ARK LEG approved bill re ARK Real Estate Commission.
ARK LEG approved HB 1558 to amend law re ARK Real Estate Commission, to create a property management broker/associate license, and to amend Real estate license law.
Aims to create a license that gives a higher quality of property management broker.
Property management associate, licensed property management broker and licensed principal broker, firm or real estate owner are exempt from the Real estate license law.
A suit or action for recovery cannot be instituted unless the person has an active property management license, or was the owner of the property management firm.
Real estate broker or salesperson may prepare, provide, collect fee for issuing broker's price opinion, and Commission must post data re property management licensing.
Posted information should be on their website re application, renewal requirements, procedures, forms, deadlines, educational courses as well as industry standards.
Person or other legal entity not licensed by the Commission may own a property management firm, provided the employees or associates hold an active license.
Education hours required of an applicant for a property management broker’s license will not exceed 60 hours and include property management principles and practices.
Also includes experience requirements, and fees for the application and renewals.
Property management broker or associate will also complete annual continuing education courses, licensee's license is inactive until proof is provided to commission.
Also includes information re complaints, fraud and approved courses and curricula.
Legislative History
On Feb. 24, 2025, bill introduced in House; on Feb. 27, 2025, bill passed in House.
On Mar. 5, 2025, bill introduced in Senate; on Mar. 13, 2025, amended bill passed.
On Mar. 13, 2025, bill returned to House; on Mar. 19, 2025, bill concurred in House.
On Mar. 25, 2025, bill was signed into law by the governor and assigned Act 392.
Effectiveness
Act effective 90 days after legislature adjourned sine die (May 5), so Aug. 4, 2025.
Regulators
ARK LEG
Entity Types
CNSM; MG Orig
Reference
Act 392, HB1558, 3/25/2025; Citation: ARK LEG 17-42;
Functions
Complaints; Compliance; Legal; Registration/Licensing; Training
