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NOTICE OF PROPOSED CHANGES IN THE REGULATIONS OF THE REAL ESTATE COMMISSION

BRIEF DESCRIPTION
The Real Estate Commission is proposing regulation changes relating to standards regarding compensation earned by a real estate licensee, including a broker, as a legal entity for performing licensed activities, renewal reminder, grounds for revocation or suspension for failing to disclose certain information, instructor approval, continuing education requirements, and errors and omissions insurance required of a real estate licensee, including a broker.

The Real Estate Commission proposes to adopt regulation changes in Title 12, Chapter 64 of the Alaska Administrative Code, dealing with legal entities, license renewal, grounds for revocation or suspension, instructor approval, continuing education requirements, and errors and omissions insurance, including the following:

  1. 12 AAC 64.068, Legal entities, is proposed to be changed to alter the requirements for real state broker to do business as a legal entity.
  2. 12 AAC 64.071, License renewal, is proposed to be changed to alter the provisions related to license renewal reminder.
  3. 12 AAC 64.130, Grounds for revocation or suspension, is proposed to be changed to alter the provisions related to grounds for revocation or suspension of a license.
  4. 12 AAC 64.440, Instructor approval, is proposed to be changed to alter the instructor approval requirements.
  5. 12 AAC 64.500, Continuing education requirements, is proposed to be changed to alter the continuing education requirements for real estate.
  6. 12 AAC 64.600 – 12 AAC 64.650, Errors and Omissions Insurance, is a proposed new article that establishes regulations for errors and omissions insurance in accordance with AS 08.88.172. The regulations deal with insurance requirements, including proof of insurance coverage, certification of equivalent coverage, nonpayment of premium, surrender of license for failure to provide proof of insurance, authenticity of coverage, and other miscellaneous provisions.

You may comment on the proposed regulation changes, including the potential costs to private persons of complying with the proposed changes, by submitting written comments by mail, fax, or e-mail to:

Jun Maiquis, Regulations Specialist
Division of Corporations, Business and Professional Licensing
Department of Commerce, Community, and Economic Development
P.O. Box 110806
Juneau, AK  99811-0806
Fax:  (907) 465-2974
E-mail:  jun.maiquis@alaska.gov

The written comments must be received no later than 4:30 p.m. on July 29, 2013. 

If you are a person with a disability who needs a special accommodation in order to participate in the process for written comments, please contact Jun Maiquis at (907) 465-2537 no later than July 22, 2013 to ensure that any necessary accommodations can be provided.

For a copy of the proposed regulation changes, contact Jun Maiquis at the address or phone number above, or go to http://www.commerce.alaska.gov/dnn/portals/5/pub/REC-0513.pdf

After the public comment period ends, the Real Estate Commission will either adopt these or other provisions dealing with the same subject, without further notice, or decide to take no action on them.  The language of the final regulations may be different from that of the proposed regulations.  You should comment during the time allowed if your interests could be affected.  Written comments received are public records and are subject to public inspection.

Statutory Authority:  AS 08.88.061; AS 08.88.071; AS 08.88.081; AS 08.88.091; AS 08.88.095; AS 08.88.161; AS 08.88.171; AS 08.88.172; AS 08.88.251; AS 08.88.401
Statutes Being Implemented, Interpreted, or Made Specific:  AS 08.88.061; AS 08.88.071; AS 08.88.081; AS 08.88.091; AS 08.88.095; AS 08.88.161; AS 08.88.171; AS 08.88.172; AS 08.88.251; AS 08.88.401

Fiscal Information:  The proposed regulation changes are not expected to require an increased appropriation.

DATE:  06/25/13
/s/
Jun Maiquis, Regulations Specialist
Division of Corporations, Business and
Professional Licensing

For each occupation regulated under the Division of Corporations, Business and Professional Licensing, the Division keeps a list of individuals or organizations who are interested in the regulations of that occupation.  The Division automatically sends a Notice of Proposed Regulations to the parties on the appropriate list each time there is a proposed change in an occupation's regulations in Title 12 of the Alaska Administrative Code.  If you would like your address added to or removed from such a list, please send your request to the Division of Corporations, Business and Professional Licensing at the address above and include your name, address, and the occupational area in which you are interested.

ADDITIONAL REGULATIONS NOTICE INFORMATION
(AS 44.62.190(d))

1.  Adopting agency:  Department of Commerce, Community, and Economic Development, Division of Corporations, Business and Professional Licensing – Real Estate Commission.

2.  General subject of regulation:  Legal entities, license renewal, grounds for revocation or suspension, instructor approval, continuing education requirements, and errors and omissions insurance.

3.  Citation of regulation: 12 AAC 64.068, 12 AAC 64.071, 12 AAC 64.130, 12 AAC 64.440, 12 AAC 64.500, and 12 AAC 64.600 – 12 AAC 64.650.

4.  Reason for the proposed action:  Update and clarification of current regulations, and compliance with state statute.

5.  RDU/component affected:  Corporations, Business and Professional Licensing – #2360.

6.  Cost of implementation to the state agency and available funding (in thousands of dollars):  No costs are expected in FY 2013 or in subsequent years.

7.  The name of the contact person for the regulations:

            Sharon Walsh, Executive Administrator
            Alaska Real Estate Commission
            Division of Corporations, Business and Professional Licensing
            Department of Commerce, Community, and Economic Development
            (907) 269-8197
            sharon.walsh@alaska.gov

8The origin of the proposed action:  Real Estate Commission.

9.   Date:  06/25/13
Prepared by:  /s/
Jun Maiquis, Regulations Specialist

Attachments, History, Details

Attachments

Revision History

Created 6/25/2013 1:42:50 PM by jcmaiquis

Details

Department: Commerce Community and Economic Development
Category: Regulations
Sub-Category: Notice of Proposed Regulations
Location(s): Statewide
Project/Regulation #:
 
Publish Date: 6/25/2013
Archive Date: 7/30/2013
 
Events/Deadlines: