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This bill originally created Utah's new property manager licensing system with a July 1, 2026 start date; a substitute version keeps that same basic framework but pushes the start date to January 1, 2027 and adds several new details. Under the revised bill, the Department of Commerce would have to study and recommend by August 2026 how to divide oversight of property management between the Division of Real Estate and the Division of Consumer Protection, since their authority currently overlaps. The bill creates a new "dual broker" license for principal brokers who also run a separate property management company, letting them manage properties without a separate property manager license, and it limits standard property manager licenses to handling residential rental units only. It also sets rules for when licensed property managers must formally affiliate with a supervising principal broker — generally required unless the property manager works for a company that managed at least 750 rental units in Utah in a recent year, or works for a housing authority. Finally, the bill updates recordkeeping requirements for brokerages and certain property managers, clarifies how the division investigates complaints and violations, and revises when property managers must keep client funds like rent and deposits in a trust account.