The Real Estate Commission regulates and controls licensing, suspensions and revocations of licenses in the state’s real estate industry. The commission also manages a surety fund.

Rep. Kurt Olson, R-Soldotna, chairman of the House Labor and Commerce Committee, said the extension is important because the commission will play an important role in development of regulations implementing a new real estate licensing bill passed by the Legislature in 2007 to help protect home buyers and sellers.

“The commission needs the assurance going forward that we will give them the time to carry out crafting the new regulations,” Olson said.