UTA LEG Real Estate Amendments

On Mar. 1, UTA LEG passed bill on violations against vulnerable adults

  • UTA LEG passed bill HB500, making real estate reporting and violations amendments.
  • Bill modifies the Real estate code and the real estate licensing and practices act.
  • Requires the Department of Real Estate to provide notice of a disciplinary proceeding to the principal broker; modifies licensing fee maximums; makes technical changes.
  • Bill Provisions
  • Amends UTA LEG 61-2c-102 and UTA LEG 61-2f-102 for definition of vulnerable adult.
  • Enhances penalties for violations of vulnerable adults and adults over a certain age.
  • UTA LEG 61-2c-402 and UTA LEG 61-2f-404 amended to specify penalty of $10,000.
  • 10-day reporting requirement for criminal convictions removed in UTA LEG 61-2f-301.
  • Also, UTA LEG 61-2f-401 amended regarding the grounds for disciplinary action.
  • Renewal of license, certification, or registration requirements in UTA LEG 61-2g-306.
  • Repeals UTA LEG 63I-2-261, which repealed UTA LEG 61-2-204 on Jul. 1, 2024.
  • Legislative History
  • On Feb. 8, 2024, bill introduced in the House; on Feb. 23, 2024, bill passed in House.
  • On Feb. 23, 2024, bill introduced in the Senate; on Mar. 1, 2024, bill passed Senate.
  • Also on Mar. 1, 2024, House concurred with Senate amendments, sent for enrolling.
  • Effectiveness
  • Upon approval from the governor, HB 500 will take effect on May 1, 2024.
  • Mar. 13, 2024 UTA LEG Approval
  • On Mar. 13, 2024, UTA LEG governor approved HB 500, takes effect May 1, 2024.

Regulators UTA LEG
Entity Types CNSM; IB
Reference Bill, 3/13/2024; Bill H.B. 500, 3/1/2024; Citation: *UTA LEG* 61-2-204, 61-2c-102, 61-2c-402, 61-2f-102, 61-2f-301, 61-2f-401, 61-2f-404, 61-2g-306, 63I-2-261;
Functions Compliance; Financial; Legal; Operations; Registration/Licensing; Reporting
Countries United States of America
Products Mortgage; Seniors
Regions Am
Rule Type Final
Rule Date 3/1/2024
Effective Date 5/1/2024
Rule Id 203261
Linked to N/A
Reg. Last Update 3/13/2024
Report Section US Investment

Last substantive update on 03/18/2024