SENATE COMMERCE COMMITTEE

 

STATEMENT TO

 

SENATE, No. 884

 

with committee amendments

 

STATE OF NEW JERSEY

 

DATED: MARCH 21, 1996

 

      The Senate Commerce Committee reports favorably and with committee amendments Senate Bill No. 884.

      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.

      The committee amended the bill to allow the New Jersey Real Estate Commission to stagger the issuance and renewal dates of the licenses.