OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
sHB-6769
AN ACT CONCERNING THE DEPARTMENT OF CONSUMER
PROTECTION'S RECOMMENDATIONS REGARDING REAL
ESTATE LICENSING AND ENFORCEMENT.
Primary Analyst: ME 3/26/23
Contributing Analyst(s):
Reviewer: RP
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 24 $ FY 25 $
Resources of the General Fund GF - Potential
Revenue Gain
See Below See Below
Consumer Protection, Dept. Real Estate
Guaranty Fund -
Potential
Revenue Gain
See Below See Below
Note: Various=Various; GF=General Fund
Municipal Impact: None
Explanation
The bill makes various changes regarding real estate regulation
resulting in the potential revenue gains described below.
Section 3 requires real estate schools to register with the Department
of Consumer Protection (DCP) resulting in a potential revenue gain to
the extent these registrations are applied for. The registration has a
biennial fee of $100.
Section 4 requires real estate schools to register each course with DCP
resulting in a potential revenue gain to the extent these registrations are
applied for. The fee to register a course is $50 and the registration
expires after five years.
Section 9 increases the maximum fine the Real Estate Commission 2023HB-06769-R000230-FN.DOCX Page 2 of 2
may impose from $1,000 to $5,000 resulting in a potential revenue gain
to the state to the extent violations occur and the fine being levied is over
$1,000.
Section 11 requires leasing agents to be licensed resulting in a
potential revenue gain to the General Fund and the Real Estate
Guaranty Fund to the extent licenses are applied for.
1
The biennial fee
for a leasing agent license is $570. This section also requires an exam
application fee of $80 resulting in a potential revenue gain to the extent
applications are submitted.
Section 15 establishes fines for real estate licensees who fail to meet
the continuing education requirements resulting in a potential revenue
gain to the state to the extent these fines are levied.
Section 16 requires an associate broker or leasing agent who transfer
their affiliation with a supervising licensee to pay a $25 fee resulting in
a potential revenue gain to the state to the extent this occurs.
Section 17 raises the maximum fine from $2,000 to $5,000 for
violations resulting in a potential revenue gain to the state to the extent
violations occur and the fine being levied is over $2,000.
The bill also makes various changes to real estate regulation resulting
in no fiscal impact to the state or municipalities.
The Out Years
The annualized ongoing fiscal impact identified above would
continue into the future subject to the number of registrations and
licenses applied for and the number of violations.
1
Six dollars from each renewal goes to the Real Estate Guaranty Fund. Leasing agents
are also required to make a $20 initial license contribution to this Fund.