Bill Summary for H 765 (2015-2016)

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Summary date: 

Jun 30 2015

Bill Information:

View NCGA Bill Details2015-2016 Session
House Bill 765 (Public) Filed Tuesday, April 14, 2015
AN ACT TO PROVIDE FURTHER REGULATORY RELIEF TO THE CITIZENS OF NORTH CAROLINA BY PROVIDING FOR VARIOUS ADMINISTRATIVE REFORMS, BY ELIMINATING CERTAIN UNNECESSARY OR OUTDATED STATUTES AND REGULATIONS AND MODERNIZING OR SIMPLIFYING CUMBERSOME OR OUTDATED REGULATIONS, AND BY MAKING VARIOUS OTHER STATUTORY CHANGES.
Intro. by McElraft.

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Bill summary

Senate committee substitute makes the following changes to the 2nd edition.

Adds a new section that amends GS 93A-2(c)(1), concerning license requirements of real estate brokers, providing that owners of an exempt closely held business as well as officers, managers, and employees of a closely held business entity owned by a person meeting the specified qualifications are not subject to licensure or other requirements found in GS 93A-1 or GS 93A-2 when engaged in acts or services for which the business entity would be exempt. Makes organizational and clarifying changes to the statute. Adds that if the closely held business is not owner or lessee of the property, it must notify the Commission in writing with contact information and demonstrate available assets of at least $50,000.