January 19, 2021

Volume XI, Number 19

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January 18, 2021

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Bill To Allow LLC Real Estate Broker's License Is Not Dead Yet

Nearly one year ago, I wrote that Assembly Member Tom Daly had introduced legislation that would allow limited liability companies to obtain a real estate license.  Action on the bill stalled out last April and the bill would have died had it not passed out of the Assembly by the end of last month.  Joint Rule No. 61(b)(3) & Cal. Const. Art. IV, Sec. 10(c).  On the penultimate day, the Assembly voted AB 687 out on a 56-0 vote, with 24 members not voting.  The Senate Rules Committee will assign the bill to one or more committees for additional discussion and votes. 

While AB 687 avoided negative votes on the Assembly floor, it has at least one significant opponent - the California Association of Realtors®.  C.A.R. has expressed "serious concerns" about the financial burden to the Department of Real Estate and the mandatory insurance requirement for LLC licensees.  The bill is supported by the California Business Properties Association.

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© 2010-2020 Allen Matkins Leck Gamble Mallory & Natsis LLP National Law Review, Volume X, Number 36
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Keith Paul Bishop, Corporate Transactions Lawyer, finance securities attorney, Allen Matkins Law Firm
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Keith Bishop works with privately held and publicly traded companies on federal and state corporate and securities transactions, compliance, and governance matters. He is highly-regarded for his in-depth knowledge of the distinctive corporate and regulatory requirements faced by corporations in the state of California.

While many law firms have a great deal of expertise in federal or Delaware corporate law, Keith’s specific focus on California corporate and securities law is uncommon. A former California state regulator of securities and financial institutions, Keith has decades of...

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