California SB774 amends the Business and Professions Code to revise real estate licensing laws, including changes to the Recovery Account and.
California SB774 amends the Business and Professions Code to revise real estate licensing laws. It modifies the Recovery Account, limiting liability to $50,000 for any one transaction and $250,000 for any one licensee. It also mandates that licenses be suspended if a payment is made from the Recovery Account, with reinstatement contingent on reimbursement plus interest. The bill requires the Bureau of Real Estate Appraisers to post information about the Recovery Account and application process on its website.
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