With this approval, Law No. 602, which had been in force since 2007, was expressly repealed, although the basic concepts of Real Estate Broker and Agent and brokerage activity remain unchanged.
Some of the novelties in this law are:
- The inclusion of obligations regarding Money Laundering in response to Laws No. 976 and No. 977 that include real estate brokers as Obligated Subjects before the UAF.
- The description and categorization of severe and minor offenses and the accompanying sanctions.
- Details of the fees for obtaining and maintaining a brokerage or agent license.
- Powers of the MIFIC include registering powers of attorney of broker representatives and offering mandatory courses or seminars to obtain agent authorization.
Unlike the previous law, this does not provide a list of the requirements to become brokers or agents to be described in future regulations.
The law grants a vacatio legis of 90 days from its publication. During this time, the brokers and agents who practice the profession without having the corresponding authorizations must regularize their situation before the MIFIC, under penalty of incurring faults and being subject to sanctions.
Carrying out brokerage without having a valid license is punishable by a fine of up to 350 Central American pesos (equal to $350.00).