ASSEMBLY CONSUMER AFFAIRS AND REGULATED PROFESSIONS COMMITTEE

STATEMENT TO

ASSEMBLY, No. 1265

STATE OF NEW JERSEY

DATED: FEBRUARY 22, 1996

      The Assembly Consumer Affairs and Regulated Professions Committee reports favorably Assembly Bill No. 1265.

      This bill revises statutory law concerning the term of license for real estate brokers, broker-salespersons and salespersons. The bill changes the current one-year license term to a two-year license term for those persons who are receiving their initial licenses or are having their licenses renewed as real estate brokers, broker-salespersons or salespersons.

      The bill also provides for the following biennial fees: $100 for a real estate broker's license; $100 for a broker-salesperson's license; $50 for a salesperson's license; and $50 for a branch office license. Under current law, the annual fee structures are: $50 for a real estate broker's license; $50 for a broker-salesperson's license; $25 for a salesperson's license; and $25 for a branch office license.

      This bill was pre-filed for introduction in the 1996 session pending technical review. As reported, the bill includes the changes required by technical review which has been performed.