This bill amends New Jersey law regarding the payment of commissions to real estate salespersons and broker-salespersons who have established limited liability companies (LLCs). Under current law, these professionals are restricted from accepting commissions or valuable consideration from anyone other than their employer or a licensed broker. The new language clarifies that they may form an LLC or other legal entity to receive such payments, allowing them to accept commissions from their LLC without disrupting their existing business relationship with their employing broker, as defined in their written agreement.

Additionally, the bill mandates the New Jersey Real Estate Commission to create a registration process for these LLCs and other entities to facilitate the receipt of commissions. This update aims to modernize the compensation structure for real estate professionals in New Jersey, ensuring compliance with state laws while providing flexibility in how they can receive their earnings. The bill is set to take effect immediately upon passage.