This bill amends New Jersey law regarding the payment of commissions to real estate salespersons and broker-salespersons who form limited liability companies (LLCs). It clarifies that these professionals can accept commissions or valuable considerations from their LLCs, in addition to their contracting brokers, without disrupting the existing business relationship defined in their agreements. The bill specifically states that a real estate salesperson or broker-salesperson may form an LLC under the "Revised Uniform Limited Liability Company Act" to facilitate this process.

Additionally, the New Jersey Real Estate Commission is tasked with creating a registration process for these LLCs to receive commissions. The bill removes previous language that restricted the ability of salespersons and broker-salespersons to accept payments from entities they form, thereby modernizing the legal framework to better accommodate current business practices in the real estate industry. This act is set to take effect immediately upon passage.