Real Estate Instructors Seminar Connecticut Law Update Connecticut

Real Estate Instructors Seminar Connecticut Law Update Connecticut 2007 Legislative Session is not over until June 6, 2007. Bills reported on here may or may not pass into law; other new bills may still be introduced. Information on Connecticut Bills and Public Acts can be found at http: //www. cga. ct. gov. Katherine A. Pancak, University of Connecticut March 30, 2007

REAL ESTATE BROKERAGE n Licensing n (1) Allows licensee candidates unlimited times within a one year to take the licensing exam (vs. four times); however provision for annual renewal of eligibility is eliminated. (2) Eliminates $25 fee for duplicate copy of a license certificate. n HB 6992, active. n n License Fees n n n Reduces the annual license renewal fees by $3 (broker - from $300 to $297; salespersons - from $225 to $222). SB 110, active. Course Approval Fees n Imposes a $25 fee for course approval. n SB 114; appears inactive.

DISCLOSURES n Additional Disclosures n n n Adds sinkholes to current property condition disclosure form. SB 71; appears inactive. Requires seller’s agent to make written disclosure to buyer about presence of gun club or hunting club located within one mile of property. SB 283, active. Title Insurance n n n HB 6859; active. Gun or Hunting Clubs n n Requires seller to deliver a statement about whether property is located on or neat an environmentally contaminated site; seller and agent liability limited for non-fraudulent errors based on public information. Sinkholes n n SB 772; active. Environmental Hazard Disclosure Statement n n Requires disclosure of flood hazard areas, airports, special tax assessment areas, known or potential radon gas zones, and environmental hazards superfund sites. Requires attorneys representing buyers to make disclosures about options and necessity of title insurance. SB 832; appears inactive. Mortgage Referral Fees n n Requires mortgage brokers and real estate agents to disclosure that they are not giving or receiving a referral fee; failure could lead to license revocation. HB 5344; active.

OTHER n Department of Housing n n n Protects homeowners against equity skimming. HB 5222, active. Allows towns to prepare for electronic recording of documents. SB 594; active. Conveyance Tax n n n SB 2007, active. Electronic Recording n n Adopts the Uniform of Assignment of Rents Act. Foreclosure Protection n n HB 5049; active. Assignment of Rents n n Reestablishes DOH. Numerous bills have been proposed dealing with conveyance tax. ? !? ! Eminent Domain n n Numerous bills have been proposed dealing with eminent domain. ? !? !