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Enrolled Bill Summary

Enrolled Bill Summary

Legislative Session: 88(R)

Senate Bill 1712

Senate Author:  Perry

Effective:  Vetoed 

House Sponsor:  Darby

            Senate Bill 1712 amends the Occupations Code to exempt the following from The Real Estate License Act:

·        the purchase, sale, or lease of real property for a limited partnership (LP) by a general partner of the LP, an employee of a general partner of the LP who negotiates the transaction in the course of employment, or an employee of the LP who negotiates the transaction in the course of employment; and

·        the purchase, sale, or lease of real property for a limited liability company (LLC) by a manager or managing member of the LLC, an employee of a manager or managing member of the LLC who negotiates the transaction in the course of employment, or an employee or member of the LLC who negotiates the transaction in the course of employment.

Governor's Reason for Veto: "While Senate Bill No. 1712 is important, it is simply not as important as cutting property taxes. At this time, the legislature must concentrate on delivering property tax cuts to Texans. This bill can be reconsidered at a future special session only after property tax relief is passed."