Meghan Lukens
- Democratic
- Representative
- District 26
Primary
Before transferring or negotiating to transfer any subdivision or part of a subdivision, a developer is required to apply for registration with the real estate commission (commission). Current law requires that, with permission from the commission, any reservation fees that a developer receives from prospective purchasers while the developer's registration application is pending must be held in trust by a third party and be fully refundable. If the subdivision is a time share estate, the act requires that, after the commission has approved a developer's registration application, any earnest money received by the developer from a prospective purchaser must be held in trust by an independent third party. The act creates an exception to this requirement for earnest money deposits received from an accredited investor. A developer may use funds from an accredited investor's deposit for development purposes only if the purchase contract or other written disclosure clearly sets forth: To whom the funds will be delivered; When the delivery will occur; How the funds will be used; and Any restrictions on the use of the funds. APPROVED by Governor May 28, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)
Governor Signed
Sent to the Governor
Signed by the President of the Senate
Signed by the Speaker of the House
Senate Third Reading Passed - No Amendments
Senate Second Reading Passed - No Amendments
Senate Committee on Local Government & Housing Refer Unamended - Consent Calendar to Senate Committee of the Whole
Introduced In Senate - Assigned to Local Government & Housing
House Third Reading Passed - No Amendments
House Second Reading Special Order - Passed with Amendments - Committee
House Committee on Business Affairs & Labor Refer Amended to House Committee of the Whole
Introduced In House - Assigned to Business Affairs & Labor
| Bill Text Versions | Format |
|---|---|
| Signed Act (05/28/2024) | |
| Final Act (05/15/2024) | |
| Rerevised (04/17/2024) | |
| Revised (04/16/2024) | |
| Reengrossed (02/20/2024) | |
| Engrossed (02/16/2024) | |
| Introduced (01/24/2024) | |
| PA1 (02/16/2024) | |
| Committee Amendment |
| Document | Format |
|---|---|
| Fiscal Note FN1 (02/02/2024) | |
| Fiscal Note FN2 (08/05/2024) |
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