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Minutes for SB382 - Committee on Commerce

Short Title

Applying licensure provisions for real estate brokers and salespersons to trusts and authorizing the Kansas real estate commission to issue cease and desist orders.

Minutes Content for Thu, Feb 10, 2022

 

Chair Erickson opened the hearing on SB 382.

Staff provided an overview of the bill. (Attachment 1)

Erik Wisner, Executive Director, Kansas Real Estate Commission, spoke in favor of the bill. (Attachment 2) The bill prohibits an individual from attempting to offer an equitable interest in a contract for the purchase of real estate they don't own without holding an active Kansas real estate license. Some states have banned the practice of assigning equitable interest also known as "wholesaling".

Mark Tomb, Vice President of Governmental Affairs, Kansas Association of Realtors, testified in favor of the bill. (Attachment 3)The bill would clarify the types of transaction that requires a real estate license and gives reasonable investigative powers to the Kansas Real Estate Commission in order to better protect consumers. This legislation makes it clear that those types of transactions need to be facilitated by someone with a real estate license.

Chair Erickson closed the hearing on SB 382.