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-IR- Database: Indiana Register

TITLE 876 INDIANA REAL ESTATE COMMISSION

Economic Impact Statement
LSA Document #14-60


IC 4-22-2.1-5 Statement Concerning Rules Affecting Small Businesses
The Indiana Real Estate Commission (Commission) has determined that this proposed rule will impose minimal requirements or costs on small businesses.

Estimated Number of Small Businesses Subject to this Rule:
The Commission estimates that the total of number of small businesses that should be considered, specifically active approved education providers, currently subject to this rule is 94.

Estimated Average Annual Reporting, Record Keeping, and Other Administrative Costs Small Businesses Will Incur to Comply with the Proposed Rule:
There are no additional annual administrative costs as a result of this rule; however, there are minimal annual reporting and record keeping requirements imposed.

Estimated Total Annual Economic Impact on Small Businesses:
Each small business will incur the requirement of seeking approval from the Indiana Real Estate Appraiser Licensure and Certification Board (Board) for a course over seven hours in length. The economic impact to these small businesses will lessen due to the allowance of gaining approval of the course through the Board versus the current requirement that it be approved by the Appraisal Subcommittee. This requirement is actually one that provides the course provider more flexibility in choosing who to gain course approval through. The current rule requires that a course over seven hours in length be approved only by the AQB where the new rule allows the course provider to choose between the AQB and the Board.

Justification of Any Requirement Imposed by the Proposed Rule and Not Expressly Required by the Statute Authorizing the Rule:
The change to 876 IAC 3-5-2 removes an unnecessary barrier to practice, reduces the cost of doing business, and promotes job growth. Providers who wish to offer a course that is over seven hours must have the course approved through the AQB. The AQB charges continuing education providers anywhere from $1,500 to $2,400 per course approval including an annual $500 renewal. Subsequently, this incredibly expensive approval process has its cost passed onto applicants when enrolling in a course that has been approved by the AQB. An application to the state for continuing education costs $0.00 and we do not charge an annual renewal fee.

Supporting Data, Studies, and Analyses:
There is no supporting data, studies, or analyses.

Regulatory Flexibility Analysis of Alternative Methods:
The Commission determined that this proposed rule is the most effective way to address the changes required by provisions in the Dodd-Frank Act.

Posted: 04/02/2014 by Legislative Services Agency

DIN: 20140402-IR-876140060EIA
Composed: Aug 20,2014 3:06:04PM EDT
A PDF version of this document.