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Rule Changes --193E Real Estate Brokers and Salespersons

2000 R00-02

Originally Filed As Part of R00-01

Commission Approved for Notice of Intended Action: December 9, 1999
Filed as Notice of Intended Action: December 24, 1999
Published as: ARC # 9600A January 12, 2000
Public Hearing: February 1, 2000
Commission Adopted: February 22, 2000
Date Filed Adopted: March 3, 2000
Adopted Published: March 22, 2000 ARC # 9739A
70 Day Delay Specific Amendments: April 7, 2000

Specific Amendments Delayed Now Filed As R00-02
Commission Adopted to File Emergency: May 25, 2000
Effective Upon Filing: June 9, 000

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Adopted and Filed Emergency

Pursuant to the authority of Iowa Code sections 543B.9 and 543B.18, the Real Estate Commission hereby amends Chapter 1, "Business Conduct," Iowa Administrative Code.

The amendments to Chapter 1 rescind the definition of "referral fee" or "finder's fee" in rule 1.1(543B), delete the introductory paragraph of rule 1.41(543B), and rescind subrules 1.41(3) and 1.41(7).

In compliance with Iowa Code section 17A.4(2), the Commission finds that notice and public participation are impracticable because the professional trade association has determined that the rules are unacceptable.

The Real Estate Commission also finds, pursuant to Iowa Code section 17A.5(2)"b"(2), that the normal effective date of these rules should be waived and the rules should be made effective June 9, 2000, as this rescission confers a benefit to the public by removing controversial language from the regulations.

These amendments were published January 12, 2000, under Notice of Intended Action as ARC 9600A and March 22, 2000, and Adopted and Filed as ARC 9739A. On April 7, 2000, the Administrative Rules Review Committee imposed a 70-day delay on these specific amendments.

These amendments are intended to implement Iowa Code sections 543B.9 and 543B.18.

These amendments became effective June 9, 2000.

The following amendments are adopted.

Item 1. Amend rule 193E--1.1(543B) by rescinding the definition of "referral fee" or "finder's fee."

Item 2. Amend rule 193E--1.41(543B), introductory paragraph, as follows:

193E--1.41(543B) Rebates and inducements. With proper written disclosure, rebates and inducements may be paid to a party to the transaction, consistent with Iowa Code sections 543B.6 and 543B.34(9a), provided such party does not engage in any activity that requires a real estate license. A rebate or inducement shall not be made without the required written disclosures to the parties as provided in 193E--1.42(543B).

Item 3. Rescind and reserve subrules 1.41(3) and 1.41(7).

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