This bill:

• requires that the Department of Commerce make a recommendation to the Business and Labor Interim Committee regarding the jurisdiction of the Division of Real Estate and the Division of Consumer Protection over property management;
• defines terms;
• extends the implementation date for the property manager license to January 1, 2027;
• provides that the division shall make rules for the licensing of a dual broker;
• provides that a dual broker may engage in property management without obtaining a property management license;
• establishes the scope of a property manager license;
• requires an individual who holds a property manager license who is employed by a person that is required to affiliate with a principal broker to also affiliate with the principal broker;
• provides the conditions under which a property manager is not required to affiliate with a principal broker;
• amends provisions relating to investigating a violation of Title 61, Chapter 2f, Real Estate Licensing and Practices Act;
• provides requirements for the records that a brokerage and a property manager that meets certain requirements is required to maintain;
• amends the circumstances under which a property manager is not required to maintain property management client funds in a trust account; and
• makes technical changes.