Text: S03134                            Text: S03136
Text: S03100 - S03199                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

Senate Amendment 3135

Amendment Text

PAG LIN
  1  1    Amend Senate File 404 as follows:
  1  2    #1.  By striking page 1, line 26, through page 2,
  1  3 line 4, and inserting the following:
  1  4    "(3)  A corporation pursuant to paragraph "b".
  1  5    b.  A broker may pay a commission to a corporation
  1  6 which is wholly owned, or owned with a spouse, by a
  1  7 salesperson or broker associate employed by or
  1  8 otherwise associated with the broker, if all of the
  1  9 following conditions are met:
  1 10    (1)  The corporation does not engage in real estate
  1 11 transactions as a third-party agent or in any other
  1 12 activity requiring a license under this chapter.
  1 13    (2)  The employing broker is not relieved of any
  1 14 obligation to supervise the employed licensee or any
  1 15 other requirement of this chapter or the rules adopted
  1 16 pursuant to this chapter.
  1 17    (3)  The employed broker associate or salesperson
  1 18 is not relieved from any personal civil liability for
  1 19 any licensed activities by interposing the corporate
  1 20 form."
  1 21    #2.  Page 2, line 7, by striking the words "person
  1 22 or".
  1 23    #3.  Page 2, by inserting after line 14 the
  1 24 following:
  1 25    "3.  A licensee shall not request a referral fee
  1 26 after a bona fide offer to purchase is accepted.
  1 27    4.  A licensee shall not request a referral fee
  1 28 after a bona fide listing agreement has been signed."
  1 29    #4.  Page 2, by striking lines 20 through 22.
  1 30    #5.  By renumbering as necessary.  
  1 31 
  1 32 
  1 33                               
  1 34 JoANN JOHNSON 
  1 35 SF 404.501 78
  1 36 mj/jw
     

Text: S03134                            Text: S03136
Text: S03100 - S03199                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

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