On March 28, the West Virginia governor signed HB 3203 to amend certain provisions relating to the West Virginia Real Estate License Act, which requires persons engaging, directly or indirectly, in the capacity of a real estate broker, associate broker, or salesperson in the state to be licensed. A license is required “even if the person or entity is licensed in another state and is affiliated or otherwise associated with a licensed real estate broker in [West Virginia].” The changes, among other things, (i) eliminate requirements for certain information to be included on license applications; (ii) modify qualifications for licensure; (iii) clarify and amend requirements for prelicense and continuing education requirements; (iv) modify licensing requirements based on licensure in another jurisdiction or for license certifications issued by the Real Estate Commission (Commission); (v) eliminate certain requirements for persons holding a broker’s license; (vi) clarify language relating to when the Commission “may refuse a license or revoke, suspend, or impose any other sanction against a licensee”; (vii) require a licensee “to disclose in writing whether the licensee represents the seller, the buyer, the seller and the buyer, the landlord, the tenant, or the landlord and the tenant”; and (viii) modify certain provisions relating to complaint procedures, the judicial review of final decisions/orders issued by the Commission, criminal penalties, and suits for the collection of compensation. The amendments take effect 90 days from passage.
This content originally appeared in the InfoBytes blog, a collection of news and alerts covering legal and regulatory developments for the financial services industry. To read more or have the InfoBytes weekly newsletter delivered to your inbox, please visit infobytesblog.com.