LEGISLATIVE SERVICES AGENCY
OFFICE OF FISCAL AND MANAGEMENT ANALYSIS
FISCAL IMPACT STATEMENT
LS 7673 NOTE PREPARED: Jan 8, 2025
BILL NUMBER: HB 1347 BILL AMENDED:
SUBJECT: Real Estate Matters.
FIRST AUTHOR: Rep. Clere BILL STATUS: As Introduced
FIRST SPONSOR:
FUNDS AFFECTED:XGENERAL IMPACT: State
DEDICATED
FEDERAL
Summary of Legislation: This bill requires a broker company to deposit funds belonging to others into a
trust account that the broker company maintains. It requires that residential real estate sales disclosure forms
include disclosures by an owner that a property is located within a locally designated historic district or is
listed on or eligible for listing on the National Register of Historic Places. It also requires that residential real
estate sales disclosure forms include disclosures by an owner of any restrictive covenants or other deed
restrictions.
The bill makes a technical correction.
Effective Date: July 1, 2025.
Explanation of State Expenditures: Indiana Real Estate Commission - This bill will require the agency to
update the current version of the Seller’s Residential Real Estate Sales Disclosure Form so that the form
includes an option to denote that the property is located within a locally designated historic district or is
listed on or eligible for listing on the National Register of Historic Places. Additionally, the disclosure form
would need to include an option to denote that the property is associated with any restrictive covenants or
other deed restrictions.
This requirement will cause a temporary increase in the agency’s workload since the agency would have to
go through the rule making process to update the form, which is specified in 876 IAC 9-1-2. However, the
agency may be able to implement this requirement with no additional appropriations, assuming near
customary agency staffing and resource levels.
Explanation of State Revenues:
Explanation of Local Expenditures:
Explanation of Local Revenues:
HB 1347 1 State Agencies Affected: Indiana Real Estate Commission.
Local Agencies Affected:
Information Sources: Indiana Seller’s Residential Real Estate Sales Disclosure Form (State Form 46234).
Fiscal Analyst: James Johnson, 317-232-9869.
HB 1347 2