|SB 0018||Planning & Zoning For Counties Adjoining Lakes|
|Last Action:||05/15/95 - S Calendar S Bills with H Amendments (HS for HCS)|
|Effective Date:||August 28, 1995|
HS/HCS/SCS/SB 18 - This substitute makes several changes to the laws regarding the regulation of real estate transactions.
(1) References in the statutes are clarified to include only real estate brokers (removes real estate appraisers and escrow agents from certain sectional references).
(2) Any employee of an agent or owner who manages real property shall be exempt from obtaining a license if the manager is limited to specified activities.
(3) "Credit unions" are added to the list of financial institutions exempt from these sections.
(4) Employees acting on behalf of a nonprofit community or an association formed for the general promotion and economic advancement of the community at large are exempt from these sections.
(5) The licensing language is clarified.
(6) Rules promulgated under chapter 339, RSMo, shall be subject to review by the Joint Committee on Administrative Rules.
(7) A real estate broker who knowingly employs an unlicensed individual to do a job which requires a license shall be subject to investigation and discipline.
(8) Notwithstanding (7) above, an unlicensed individual shall have a civil action against a licensed real estate broker who refuses to pay the reasonable value of services rendered to the broker.
Technical changes to the laws regarding real property escrow agents are made.
Construction agreements are added to the title insurance laws in chapter 381, RSMo.
Acceptance of a fraudulent lien waiver by a title insurance company shall be a Class C felony if it results in financial gain to relatives within the fourth degree of consanguinity.
Architectural illustrations and architectural model buildings are added to the laws relating to mechanics' liens.
The "Commercial Real Estate Brokers and State Certified Real Estate Appraiser's Lien Act" is established. These sections would create a lien for state certified real estate appraisers and real estate brokers who are not acting as a salesperson in the sale of commercial real estate. The lien attaches when a fee is due under a contract or when the broker produces a ready buyer and when the broker records the lien with the county recorder. Every state certified real estate appraiser shall have a lien upon property and any improvements on it to secure payment of the appraisal or appraisal work performed. Brokers and appraisers wishing to enforce a lien must give notice to the purchaser of the commercial property at the time of closing.
See Truly Agreed To CCS/SB 421.