Connecticut HB 5224: AN ACT REQUIRING THE STUDY OF THE USE OF TECHNOLOGY IN THE STATE.

Bill Text

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General Assembly Substitute Bill No. 5224
February Session, 2026

AN ACT CONCERNING THE DEPARTMENT OF CONSUMER
PROTECTION'S RECOMMENDATIONS REGARDING VARIOUS
GUARANTY FUNDS.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:

Section 1. Section 20-324a of the general statutes is repealed and the 1
following is substituted in lieu thereof (Effective from passage): 2
The commission shall establish, and the department shall maintain, a 3
Real Estate Guaranty Fund from which, subject to the provisions of this 4
section and sections 20-324b to 20-324i, inclusive, any person aggrieved 5
by any action of a real estate licensee, duly licensed in this state under 6
section 20-312, by reason of the embezzlement of money or property, or 7
money or property unlawfully obtained from any person by false 8
pretenses, artifice or forgery or by reason of any fraud, 9
misrepresentation or deceit by or on the part of any such real estate 10
licensee or the unlicensed employee of any such real estate licensee, may 11
recover, upon approval by the [commission] department of an 12
application brought pursuant to the provisions of section 20-324e, as 13
amended by this act, compensation in an amount not exceeding in the 14
aggregate the sum of twenty-five thousand dollars in connection with 15
any one real estate transaction or claim, regardless of the number of 16
persons aggrieved or parcels of real estate involved in such real estate 17
transaction or claim. 18

Substitute Bill No. 5224

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Sec. 2. Section 20-324c of the general statutes is repealed and the 19
following is substituted in lieu thereof (Effective from passage): 20
The [commission] department shall maintain the Real Estate 21
Guaranty Fund at a level not to exceed five hundred thousand dollars 22
and to this intent moneys received under section 20-324b shall be 23
credited to said fund whenever the fund balance is below five hundred 24
thousand dollars. Any such moneys may be invested or reinvested in 25
the same manner as funds of the state employees retirement system. The 26
interest arising from such investments shall be credited to the Real 27
Estate Guaranty Fund whenever the fund balance is below five hundred 28
thousand dollars, and to the General Fund whenever the fund balance 29
is equal to or greater than five hundred thousand dollars. Any moneys 30
received under section 20-324b not required to maintain the Real Estate 31
Guaranty Fund balance shall be deposited to the General Fund. All 32
moneys in the Real Estate Guaranty Fund in excess of five hundred 33
thousand dollars, shall be transferred by the State Treasurer to the 34
General Fund. 35
Sec. 3. Section 20-324d of the general statutes is repealed and the 36
following is substituted in lieu thereof (Effective from passage): 37
No application to recover compensation under sections 20-324a to 20-38
324i, inclusive, as amended by this act, which might subsequently result 39
in an order for collection from the Real Estate Guaranty Fund shall be 40
brought later than two years from the final determination of, or 41
expiration of time for appeal in connection with, any binding arbitration 42
decision or any court judgment, order or decree. 43
Sec. 4. Subsection (e) of section 20-324e of the 2026 supplement to the 44
general statutes is repealed and the following is substituted in lieu 45
thereof (Effective from passage): 46
(e) If the [department] Department of Consumer Protection pays 47
from the Real Estate Guaranty Fund any amount in settlement of a claim 48
or toward satisfaction of a decision, judgment, order or decree against a 49
real estate licensee or an unlicensed employee of a real estate licensee 50

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pursuant to an order under subsection (d) of this section, such person 51
shall not be eligible to receive a new license until such person has repaid 52
such amount in full [,] plus interest at the rate of ten per cent per year, 53
which interest shall accrue from the date on which the Department of 54
Consumer Protection makes such payment from the fund until the date 55
on which the Commissioner of Consumer Protection refers the unpaid 56
amount to the Department of Administrative Services for collection. A 57
discharge in bankruptcy shall not relieve a person from the penalties 58
and disabilities provided in this subsection. 59
Sec. 5. Section 20-324f of the general statutes is repealed and the 60
following is substituted in lieu thereof (Effective from passage): 61
Any person filing with the [commission] department any notice, 62
statement or other document required under the provisions of section 63
20-324e, as amended by this act, which is false or untrue or contains any 64
material misstatement of fact shall be fined not less than two hundred 65
dollars. 66
Sec. 6. Section 20-324h of the general statutes is repealed and the 67
following is substituted in lieu thereof (Effective from passage