46th legislature - STATE OF NEW MEXICO - first session, 2003

RELATING TO REAL ESTATE LICENSING; SETTING CERTAIN MINIMUM REQUIREMENTS FOR REAL ESTATE LICENSEES WITH TWENTY-FIVE YEARS OF EXPERIENCE.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 61-29-4.1 NMSA 1978 (being Laws 1985, Chapter 89, Section 1, as amended) is amended to read:

"61-29-4.1. ADDITIONAL POWERS OF COMMISSION--CONTINUING EDUCATION PROGRAMS--MINIMUM REQUIREMENTS.--In addition to the powers and duties granted the commission under the provisions of Section 61-29-4 NMSA 1978, the commission shall adopt regulations providing for continuing educational programs that offer courses in selling, leasing or managing residential, commercial and industrial property as well as courses reviewing basic real estate law and practice. The regulations shall require that every licensee except licensees who [are sixty-five years of age or older and who] have a minimum of [twenty] twenty-five years of continuously licensed experience in the selling, leasing or managing of real property, as a condition of [his] license renewal, shall successfully complete thirty classroom hours of instruction every three years in courses approved by the commission. A licensee with a minimum of twenty-five years of continuously licensed experience in selling, leasing or managing of real property, as a condition of license renewal, shall successfully complete eight classroom hours of instruction every three years in courses approved by the commission. The regulations shall prescribe areas of specialty or expertise and may require that a certain part of the thirty hours of classroom instruction be devoted to courses in the area of a licensee's specialty or expertise."

Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2003.