BILL NUMBER: SB 332	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Emmerson

                        FEBRUARY 19, 2013

   An act to amend Section 10230 of the Business and Professions
Code, relating to real estate.


	LEGISLATIVE COUNSEL'S DIGEST


   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 1.  Section 10230 of the Business and Professions Code is
amended to read:
   10230.  (a)  The provisions of this   This
 article  do   does  not apply to 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, nor to 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. For the purposes of this
subdivision, a "qualifying" sale or exchange of real property is one
that is subject to the requirements of Article 3 (commencing with
Section 2956) of Chapter 2 of Title 14 of Part 4 of Division 3 of the
Civil Code.
   (b) Subdivision (a) shall not apply to the negotiation of loans
 nor   or  to sales or exchanges of
promissory notes in connection with the financing of a real property
sale or exchange transaction in which the broker had a direct or
indirect monetary interest as a party.