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2003 R03-02

Commission Approved for Notice of Intended Action: April 3, 2003
Filed as Notice of Intended Action: April 4, 2003
Published as: ARC# 2429B April 30, 2003
Public Hearing: May 20, 2003
Commission Terminated: July 17, 2003

See Notice of Termination

See terminated Notice of Intended Action ARC# 2429B

Reason for Termination

No one appeared at the public hearing held on May 20, 2003, in the Second Floor Professional Licensing Conference Room, 1920 SE Hulsizer, Ankeny, Iowa, and no written comments were received. However, after the May 20, 2003 cut-off date, the Commission received a complaint forwarded by the Consumer Protection Division of the Iowa Attorney General. After review of the complaint, there were questions as to the legality of a private real estate licensee organization receiving interest from the trust account, related tax issues for buyers and sellers, and very serious disclosure issues. The Commission is terminating the rule making commenced in ARC 2429B to provide additional time to study the issues raised, to see if other complaints are received, and incorporate appropriate changes and clarifications as necessary before re-noticing the proposed amendments.

The Commission is soliciting input and comments from licensees and the public.

Comments should be addressed to Roger Hansen, Executive Officer, Iowa Real Estate Commission, 1920 SE Hulsizer, Ankeny, Iowa 50021, or faxed to (515) 281-7411. E-mail may be sent to Roger.Hansen@comm7.state.ia.us.

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