SF0139 • 2007

Real estate agents-errors and omissions insurance.

AN ACT relating to real estate brokers and salesmen; requiring real estate brokers, associate brokers and salesmen to obtain and submit proof of errors and omissions insurance; providing for the real estate commission to procure group coverage; authorizing rulemaking; authorizing a fee; providing for exceptions; and providing for an effective date.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Senator Barrasso
Last action: 2007-02-22
Official status: enrolled
Effective date: 7/1/2007

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

SF0139HW001

Committee of the Whole • OLSEN

Adopted

Plain English: Adopted Committee of the Whole by OLSEN

This amendment summary is using official source text because generated interpretation was skipped for this run.
The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

SF0139HS001

Standing Committee • H07

Adopted

Plain English: Adopted Standing Committee by H07

This amendment summary is using official source text because generated interpretation was skipped for this run.
The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

SF0139SS001

Standing Committee • CASE

Adopted, Corrected

Plain English: Adopted, Corrected Standing Committee by CASE

This amendment summary is using official source text because generated interpretation was skipped for this run.
The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

Bill History

2007-02-22 House
H Speaker Signed SEA No. 46
2007-02-22 LSO
Assigned Chapter Number - 95
2007-02-22 Governor
Governor Signed SEA0046
2007-02-21 Senate
S President Signed SEA No. 0046
2007-02-21 LSO
Assigned Number SEA0046
2007-02-21 Senate
S Did Concur
2007-02-20 House
H Passed 3rd Reading
2007-02-16 House
H Passed 2nd Reading
2007-02-15 House
H Passed CoW
2007-02-15 House
Amendment Adopted
2007-02-15 House
Amendment Adopted
2007-02-15 House
H Amendments Adopted
2007-02-09 House
H Placed on General File
2007-02-09 House
H07 Recommended Amend and Do Pass
2007-02-07 House
H Introduced and Referred to H07
2007-02-07 House
H Received for Introduction
2007-02-06 Senate
S Passed 3rd Reading
2007-02-05 Senate
S Passed 2nd Reading
2007-02-02 Senate
S Passed CoW
2007-02-02 Senate
S Amendments Adopted
2007-02-02 Senate
Amendment Adopted
2007-02-01 Senate
S Placed on General File
2007-02-01 Senate
S07 Recommended Amend and Do Pass
2007-01-17 Senate
S Introduced and Referred to S07
2007-01-17 Senate
S Received for Introduction
2007-01-16 LSO
Bill Number Assigned

Official Summary Text

2007 General Session Summary for SF0139

Bill No.:
SF0139
Drafter:

MRW

LSO No.:
07LSO-0416
Effective Date:

7/1/2007

Enrolled Act No.:
SEA0046

Chapter No.:

Prime Sponsor:
Senator
Barrasso

Catch Title:
Real estate agents-errors and omissions
insurance.

Subject:
Real estate
agents.

Summary/Major Elements:

Requires real estate brokers,
associate brokers and salesmen to obtain and submit proof of errors and
omissions insurance, either independently or through the commission.

Requires the real estate
commission to procure group coverage for errors and omissions insurance, not to
exceed $300.00 per licensee.

Requires the commission to
charge and collect an administrative fee, not to exceed 10% of the premium, in
addition to the premium paid.

Requires the commission to
promulgate rules and regulations to specify the terms and conditions of
coverage required, including the minimum limits and terms of the coverage, the
permissible deductible and permissible exemptions.

Requires the commission to
notify each licensee of the required terms and conditions of the errors and
omissions insurance at least 30 days prior to the license renewal date.

Requires each licensee who
elects not to participate in the group errors and omissions insurance program
administered by the commission to file a certificate of coverage with the
commission by the license renewal date.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL SENATE

FILE

NO.
0139

ENROLLED ACT NO. 46, SENATE

FIFTY-NINTH LEGISLATURE OF THE STATE OF WYOMING
2007 GENERAL SESSION

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.

W.S. 33
‑
28
‑
401 is amended to read:

33
‑
28
‑
401.

Errors and omissions insurance; rulemaking authority;
commission duties; certificate of coverage; administrative fee.

(a)

Beginning January 1, 2008, an applicant for a real estate license pursuant to W.S. 33
‑
28
‑
106, a licensee renewing a license or an inactive licensee activating a license pursuant to W.S. 33
‑
28
‑
118, shall submit proof of insurance coverage through the group plan provided pursuant to this section or through certification of optional coverage.

(b)

The commission shall make errors and omissions insurance available to all licensees by contracting with an insurer for a group policy after competitive bidding. Any group policy obtained by the commission shall be available to all licensees and shall prevent the insurer from canceling any licensee. Licensees may obtain errors and omissions insurance independently if the coverage complies with the minimum requirements established by the commission.

(c)

The
Wyoming real estate
commission
is authorized to
shall
promulgate
reasonable
rules and regulations
regarding optional errors and omissions insurance coverage for persons licensed under this chapter.
necessary to specify the terms and conditions of coverage required under this section, including the minimum limits and terms of the coverage, the permissible deductible and permissible exemptions. Each licensee shall be notified of the required terms and conditions at least thirty (30) days prior to the license renewal date. Each licensee who elects not to participate in the group program administered by the commission shall file a certificate of coverage showing compliance with the required terms and conditions with the commission by the license renewal date.

(d)

If the commission is unable to obtain errors and omissions insurance coverage to insure all licensees who elect to participate in the group program, at a reasonable annual premium not to exceed three hundred dollars ($300.00) per licensee, the errors and omissions insurance requirement of this section shall not apply during the year for which the commission cannot obtain the errors and omissions insurance coverage. The maximum premium amount shall be adjusted annually by the annual rate of inflation in this state for the preceding twelve (12) month period as calculated by the department of administration and information.

(e)

The commission shall charge and collect an administrative fee in addition to the premium paid from each licensee who obtains errors and omissions insurance through the commission. This administrative fee shall be of an amount sufficient to cover the administration of this section and shall not exceed ten percent (10%) of the premium. The maximum premium specified in subsection (d) of this section applies only to premium cost and not to any administrative fee charged.

Section 2.

This act is effective July 1, 2007.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the Senate.

Chief Clerk