SB 332, as introduced, Emmerson. Real estate: sales.
Existing law exempts, from the regulation of transactions in trust deeds and real property sales contracts, the negotiation of a loan by or on behalf of a real estate broker in connection with a qualifying sale or exchange of real property in which the broker acted as the agent of one or more of the parties to the sale or exchange, or the sale or exchange by or on behalf of the broker of a promissory note created for the purpose of financing a qualifying real property sale or exchange transaction in which the broker acted as the agent of one or more of the parties to the qualifying real property sale or exchange regardless of the time of the sale or exchange of the promissory note.
This bill would make technical, nonsubstantive changes to those provisions.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 10230 of the Business and Professions
2Code is amended to read:
(a) begin deleteThe provisions of this end deletebegin insertThis end insertarticlebegin delete doend deletebegin insert doesend insert not apply
4to the negotiation of a loan by or on behalf of a real estate broker
5in connection with a qualifying sale or exchange of real property
P2 1in which the broker acted as the agent of one or more of the parties
2to the sale or exchange, nor to the sale or exchange by or on behalf
3of the broker of a promissory note created for the purpose of
4financing a qualifying
real property sale or exchange transaction
5in which the broker acted as the agent of one or more of the parties
6to the qualifying real property sale or exchange regardless of the
7time of the sale or exchange of the promissory note. For the
8purposes of this subdivision, a “qualifying” sale or exchange of
9real property is one that is subject to the requirements of Article
103 (commencing with Section 2956) of Chapter 2 of Title 14 of Part
114 of Division 3 of the Civil Code.
12(b) Subdivision (a) shall not apply to the negotiation of loans
13begin delete norend deletebegin insert orend insert to sales or exchanges of promissory notes in connection
14with the financing of a real property sale or exchange transaction
15in which the broker had a direct or indirect monetary interest as a
16
party.
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