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A BILL TO BE ENTITLED
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AN ACT
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relating to the requirement that certain business entities obtain a |
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license from the Texas Real Estate Commission. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1101.355, Occupations Code, is amended |
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by adding Subsections (d) and (e) to read as follows: |
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(d) Notwithstanding Subsection (c) or any other law, a |
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business entity is not required to be licensed under this chapter if |
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the business entity: |
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(1) receives compensation on behalf of a broker or |
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sales agent licensed under this chapter that is earned by the |
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license holder while engaged in real estate brokerage; |
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(2) performs no other acts of a broker; |
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(3) is: |
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(A) a limited liability company as defined by |
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Section 101.001, Business Organizations Code; or |
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(B) an S corporation as defined by 26 U.S.C. |
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Section 1361; |
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(4) is registered with the commission; and |
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(5) is at least 51 percent owned by the license holder |
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on whose behalf the entity receives compensation. |
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(e) The commission shall adopt rules providing for the |
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registration of a business entity described by Subsection (d). |
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SECTION 2. This Act takes effect January 1, 2022. |