Real Estate Revisions

Added authority for the Division to issue citations for specific violations including false advertising, failure to respond to requests, and unlicensed work.

Modified time periods for commencing disciplinary actions and added tolling provisions during subpoena enforcement.

Added new definitions for 'admonition' and 'advertisement' to clarify disciplinary and marketing practices.

Added requirements for record retention and document availability for Division inspections.

Made technical changes to formatting and section numbering throughout the bill.

Clarified that an 'admonition' is a nonpublic discipline that does not include the person's name, distinguishing it from a 'reprimand' which is public and includes the name.

Extended the time limit for initiating disciplinary actions from two years to ten years after a violation occurs, with specific exceptions for certain record-related violations.

Added new grounds for disciplinary action related to foreclosure rescue practices, including inducing people at risk of foreclosure to hire unlicensed individuals and recommending foreclosure rescue that requires title transfers.

Added provisions allowing the division to toll the disciplinary action time period during enforcement of subpoenas, including any resulting appeals.

Modified record retention requirements to ensure brokerages maintain transaction records for three years after transaction closure, lease commencement, offer rejection, or end of property management agreement.

Added requirements for brokerages to make records available for inspection and prohibited taking or removing records from brokerage premises without authorization.

Extended the statute of limitations for disciplinary actions from four years to ten years after a violation occurs, allowing the Division to pursue older violations.

Added priority guidelines for investigations, requiring the Division to focus first on complaints involving criminal activity, then use a risk-based approach considering potential harm and number of victims.

Updated definitions of 'advertisement' and 'advertising' to clarify what constitutes promotional activity versus general social media posts.

Clarified that certain conduct by a principal broker contacting a buyer does not automatically create an agency relationship with that buyer.

Updated record retention requirements to specify that records must be maintained for three years after transaction closure, lease commencement, or offer rejection.

Added Senate Sponsor name and updated Utah Code section references to reflect recent legislative changes.