Real Estate Transaction Amendments

HB 395, the Utah Real Estate Cybercrime Prevention Act, requires real estate professionals - including appraisers, escrow agents, mortgage lenders, and brokers - to use a designated communication network for transaction-related communications. The bill creates the Real Estate Communication Commission within the Department of Commerce to oversee the network, including issuing certificates to network operators, approving fee schedules, and enforcing rules. It defines failing to use the network or violating its rules as unprofessional conduct, mandates background checks on network owners, and automatically revokes certificates for owners with undisclosed fraud-related criminal histories. The Commission must review and approve all network rules and fees before they take effect.