SB 435 - Hoskins, Denny
Creates provisions related to certain payments made to businesses owned by licensed real estate salespersons and broker-salespersons
Bill Details
Sponsor
LR Number
1963S.01I
Title
SB 435
House Handler
N/A
Journal Page
N/A
Effective Date
August 28, 2021
Committee
Current Status
Voted Do Pass S Small Business and Industry Committee
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SB 435 - Under this act, a real estate broker may pay compensation directly to a business entity, as defined in the act, owned by a licensed real estate salesperson or broker-salesperson formed for the purpose of receiving compensation earned by such licensee.
The business entity shall not be required to be licensed and may be co-owned by an unlicensed spouse, a licensed spouse associated with the same broker as the licensee, or one or more other licensees associated with the same broker as the licensee.
These provisions are identical to provisions in the truly agreed CCS/SS#2/SCS/HB 273 (2021) and the truly agreed HB 476 (2021), and are similar to provisions in HCS/SB 9 (2021), SCS/HCS/HB 162 (2021), HCS/SB 330 (2021), and HCS/HB 695 (2021).
MATT KIMMINAU