Stricken language would be deleted from and underlined language would be added to present law.
Act 93 of the Regular Session
1 State of Arkansas
2 94th General Assembly A Bill
3 Regular Session, 2023 HOUSE BILL 1265
4
5 By: Representative Dalby
6 By: Senator Rice
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8 For An Act To Be Entitled
9 AN ACT TO AMEND THE REAL ESTATE LICENSE LAW; TO
10 MODIFY THE DEFINITION OF "LICENSEE" UNDER THE REAL
11 ESTATE LICENSE LAW; TO ALLOW A BROKER OR SALESMAN TO
12 DO BUSINESS AS A PROFESSIONAL LIMITED LIABILITY
13 COMPANY; AND FOR OTHER PURPOSES.
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15
16 Subtitle
17 TO AMEND THE REAL ESTATE LICENSE LAW; TO
18 MODIFY THE DEFINITION OF "LICENSEE" UNDER
19 THE REAL ESTATE LICENSE LAW; AND TO ALLOW
20 A BROKER OR SALESMAN TO DO BUSINESS AS A
21 PROFESSIONAL LIMITED LIABILITY COMPANY.
22
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24 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
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26 SECTION 1. Arkansas Code § 17-42-103(8), concerning the definition of
27 "licensee" used under the Real Estate License Law, is amended to read as
28 follows:
29 (8)(A) “Licensee” means an individual who holds any type of
30 license issued by the commission.
31 (B) “Licensee” includes a principal broker, an executive
32 broker, an associate broker, and a salesperson.
33 (C) This chapter does not preclude a licensee from:
34 (i) Doing business as a:
35 (a) professional Professional corporation
36 under § 4-29-101 et seq.; or
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 HB1265
1 (b) Professional limited liability company
2 under § 4-38-1201 et seq.; or
3 (ii) Receiving payment from a real estate firm or
4 principal broker of an earned commission to the licensee's legal business
5 entity if the licensee earned the commission on behalf of the real estate
6 firm or principal broker;
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9 APPROVED: 2/17/23
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Statutes affected:
HB 1265: 17-42-103(8)
Act 93: 17-42-103(8)