SEVENTH EDITION - University of Connecticut



Real Estate Instructors Seminar

(((( CT Legislative Update ((((

SEPTEMBER 23, 2011 INSTRUCTORS SEMINAR

Retiree Licenses: provides for retirement license status for any real estate licensee (or other DCP licensee) that is sixty-five years or older; cannot practice if license is held as retiree. Public Act 11-117, effective January 1, 2012.

Permanent Increase in Municipal Real Estate Conveyance Tax: Temporary increase made permanent

Now 25% base rate, plus up to additional .25% in 18 eligible municipalities. Public Act 11-6, effective July 1, 2011.

Increase in State Conveyance Tax Rate: Increase of .25%. Now residential property is 0.75% on first $800,000; 1.25% on remaining value. Commercial property is 1.25%. Public Act 11-6, effective July 1, 2011.

Decrease in Income Tax Property Credit: : Property tax credit reduced from $500 to $300, and also phased out at steeper rate. Public Act 11-6, effective July 1, 2011.

Live Here, Learn Here Program: Home down payment saving program for graduates of Connecticut public colleges and universities (who were considered in-state students) and Connecticut vocational-technical schools who graduated on or after January 1, 2014. At request of graduate, up to $2500 of their tax payments per year for 10 years can be set aside in a first-time buyers savings account by DRS Commissioner. Repayment required if participant moves out of Connecticut within 5 years of graduating. DECD Commissioner will be developing a public education program to inform recent graduates.

Public Act 11-140, Effective July 1, 2011.

Interest Rate on Tenant Security Deposits: Eliminates floor on interest rate (formerly 1.5%); now interest rate only tied to savings deposit index rate. Public Act 11-94, effective January 1, 2012.

Definition of Non-Material Fact: Includes property occupants with “emergency illnesses and health conditions” listed by Public Health Commissioner (formerly it was just “reported diseases”). Public Act 11-242, effective October 1, 2011.

Gender Identity Discrimination: “Gender Identity or Expression” is a new protected category. Defined as

A person's gender-related identity, appearance, or behavior, whether or not that identity, appearance, or behavior is different from that traditionally associated with the person's physiology or assigned sex at birth.

Prohibits discrimination in sale or rental of housing (as well as in other areas). Public Act 11-55, effective October 1, 2011.

Foreclosure Mediation Program: Extended to June 30, 2014. Requires mandatory mediation to assist borrower and lender to come to an agreement to avoid foreclosure. Applies to foreclosures of 1, 2, 3, or 4 family owner-occupied residential property. Foreclosing lender must give borrower notice of foreclosure mediation and forms. Public Act 11-201, effective July 1, 2011.

Brownfield Remediation and Development: Streamlines the investigation, clean-up and redevelopment of contaminated property to encourage economic development. Public Act 11-141, effective July 1, 2011.

Additional 2011 legislation that may be of interest:

Revisions to Banking Statutes to Reflect Federal Dodd-Frank Act: Public Act 11-110 and 11-119

Revisions to Common Interest Ownership Act: Public Act 11-195

Revisions to Business Entity Filings: Public Act 11-146

Consumer Credit Licenses: Public Act 11-216

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Public Act No. 11-117

AN ACT CONCERNING LANDSCAPE ARCHITECTS, PENALTIES FOR UNLICENSED OCCUPATIONAL WORK AND DEPARTMENT OF CONSUMER PROTECTION RETIREMENT STATUS LICENSES.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Sec. 5. (NEW) (Effective January 1, 2012) (a) Any person currently holding a license issued by the Department of Consumer Protection pursuant to title 20 of the general statutes who has attained the age of sixty-five may renew his or her license as a retirement status license pursuant to subsections (b) to (d), inclusive, of this section.

(b) An applicant for a retirement status license shall submit his or her original license to the Department of Consumer Protection, along with a letter of request for such classification. The letter shall contain a statement expressing the licensee's current retirement status and the acceptance of a restriction on the retirement status license prohibiting the applicant from actively engaging in the practice of the occupation or trade for which a license was originally issued.

(c) A licensee issued a retirement status license shall not practice or offer to practice the occupation or trade for which a license was originally issued.

(d) If the Department of Consumer Protection issues a retirement status license pursuant to this section, it shall return the original license submitted pursuant to subsection (b) of this section to the applicant. Such original license shall bear a designation or be stamped "Retired".

(e) The fee for a retirement status license shall be twenty dollars.

(f) A licensee issued a retirement status license may restore such licensee's original license by submitting a form, to be provided by the Department of Consumer Protection, requesting reinstatement and by paying the current annual fee for such license.

(g) The Commissioner of Consumer Protection may, for good cause shown, grant a retirement status license to a person who does not meet the requirements of subsection (a) of this section.

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