The bill amends the Real Estate License Law in Arkansas by modifying the definition of "licensee." The updated definition clarifies that a licensee is an individual holding any type of license issued by the commission, which includes principal brokers, executive brokers, associate brokers, and salespersons. Additionally, the bill specifies that licensees are permitted to conduct business as a Professional corporation or a Professional limited liability company, thereby expanding the business structure options available to them.

Furthermore, the bill allows licensees to receive payment from a real estate firm or principal broker for earned commissions through their legal business entity, provided that the commission was earned on behalf of the firm or broker. This change aims to enhance the operational flexibility for real estate professionals while ensuring compliance with the existing regulatory framework.

Statutes affected:
HB 1265: 17-42-103(8)
Act 93: 17-42-103(8)