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Minutes for SB219 - Committee on Commerce
Short Title
Changing law pertaining to real estate brokers and salespersons including the definition of broker, licensure, actions that require licensing, exemptions, application of licensure provisions to trusts, Kansas real estate commission administrative fines, cease and desist orders and subpoena authority.
Minutes Content for Thu, Mar 11, 2021
Chairman Olson opened the hearing on SB219 and explained that the bill was blessed by an exempt committee and then called upon Charles Reimer for a Revisor of Statutes overview of the bill.
Chairman Olson called upon Erik Wisner for primary proponent testimony. Mr. Wisner explained that the bill would prohibit a pattern of business where an individual attempts to sell an equitable interest in a contract for the purchase of real estate without holding an active Kansas real estate license. He claimed the bill would clarify the process of assigning an equitable interest and outlined why the change in statute is necessary to bring real estate "wholesalers" who attempt to offer an equitable interest two or more times in a year under the over-site of the Commission. He explained the process of "assigning an equitable interest" and why he opined that the bill is necessary.
Committee questions and comments ensued.
Chairman called upon Mark Tomb for proponent testimony. Mr. Tomb indicated strong support for the bill that he stated would allow for a strengthened Commission over-site and provide a less litigious path for the public to resolve related disputes and claims.
Seeing no additional testimony Chairman Olson closed the hearing on SB219.
