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IN SB0112
Bill
Status
1/6/2015
Primary Sponsor
Karen Tallian
Click for details
AI Summary
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Amends Indiana Code IC 25-34.1-3 regarding real estate licensing requirements effective July 1, 2015.
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Establishes that real estate is not considered owned by a person if their only interest is an equitable interest created by an executory contract for residential property purchase or sale that has not yet closed.
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Clarifies that exemptions from licensing requirements for persons selling or renting their own property do not apply when the person's only ownership interest is an equitable interest in an unclosed residential real estate transaction.
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Changes language in exceptions to licensing requirements from "him" to "that person" in sections addressing individual property owners and full-time salaried employees.
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Referenced sections address real estate appraiser licensure and certification requirements under federal law.
Legislative Description
Real estate. Specifies that the certain exceptions to the real estate licensing requirement that are granted to persons who sell or rent their own property do not apply if the person's only ownership interest is an equitable interest created by an executory contract for the sale of residential real estate before closing.
Last Action
First Reading: referred to Committee on Commerce & Technology
1/6/2015