AB 2224: Real estate: transactions: iBuyers.
- Session Year: 2021-2022
- House: Assembly
- Latest Version Date: 2022-04-27
Existing law, the Real Estate Law, provides for establishes the Department of Real Estate, with the Real Estate Commissioner as its chief officer, and sets forth the powers and duties of the commissioner relating to the licensure and regulation of real estate brokers and salespersons by the Real Estate Commissioner and imposes various requirements on real estate transactions.
This bill would require an iBuyer, defined by the bill as a specified online real estate platforms, known as iBuyers, company, to work with a local real estate agent, broker, as defined, when selling real property in California. The bill would exempt from this requirement the initial sale of real property containing new construction.
Existing law, the Real Estate Law, provides for the licensure and regulation of real estate brokers and salespersons by the Real Estate Commissioner and imposes various requirements on real estate transactions.
This bill would require specified online real estate platforms, known as iBuyers, to work with a local real estate agent, as defined, when selling real property in California. The bill would exempt from this requirement the initial sale of real property containing new construction.
Existing law, the Control, Regulate and Tax Adult Use of Marijuana Act of 2016 (AUMA), an initiative measure approved as Proposition 64 at the November 8, 2016, statewide general election, authorizes a person who obtains a state license under AUMA to engage in commercial adult-use cannabis activity pursuant to that license and applicable local ordinances. The Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA), among other things, consolidates the licensure and regulation of commercial medicinal and adult-use cannabis activities. The act requires all employees of a retailer, microbusiness, or nonprofit delivering cannabis or cannabis products to carry a copy of the licensees current license and a government-issued identification with a photo of the employee. This bill would make a nonsubstantive change to the latter provision.Existing law, the Control, Regulate and Tax Adult Use of Marijuana Act of 2016 (AUMA), an initiative measure approved as Proposition 64 at the November 8, 2016, statewide general election, authorizes a person who obtains a state license under AUMA to engage in commercial adult-use cannabis activity pursuant to that license and applicable local ordinances. The Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA), among other things, consolidates the licensure and regulation of commercial medicinal and adult-use cannabis activities. The act requires all employees of a retailer, microbusiness, or nonprofit delivering cannabis or cannabis products to carry a copy of the licensees current license and a government-issued identification with a photo of the employee.
This bill would make a nonsubstantive change to the latter provision.
(a)An iBuyer shall work with a local real estate agent broker when selling and completing a sale of real property located in California.
(b)The requirement in subdivision (a) does not apply to the initial sale of real property containing new construction.
(c)For purposes of this section, iBuyer the following terms have the following meanings:
(1)Automated valuation model means a computational process, derived from machine learning, statistical modeling, data analytics, or artificial intelligence, that produces an estimate of the value of a residential or commercial property.
(2)iBuyer means an online real estate platform that uses algorithms or other technology to buy and sell real property directly from and to private sellers and buyers. company that utilizes an automated valuation model to identify and then purchase a residential or commercial property without the use of a mortgage or other type of financing.
(d)For purposes of this section, local(3)Local real estate agent broker means a real estate licensee under broker licensed pursuant to Chapter 3 (commencing with Section 10130) of Part 1 of this division whose place of business or practice is located in the county in which the real property to be sold is located.
(a)An iBuyer shall work with a local real estate agent when selling and completing a sale of real property located in California.
(b)The requirement in subdivision (a) does not apply to the initial sale of real property containing new construction.
(c)For purposes of this section, iBuyer means an online real estate platform that uses algorithms or other technology to buy and sell real property directly from and to private sellers and buyers.
(d)For purposes of this section, local real estate agent means a real estate licensee under this division whose place of business or practice is located in the county in which the real property to be sold is located.
SECTION 1.Section 26090 of the Business and Professions Code is amended to read:26090.(a)Deliveries, as defined in this division, may only be made by a licensed retailer or microbusiness, or a licensed nonprofit under Section 26070.5.(b)All employees of a retailer, microbusiness, or nonprofit delivering cannabis or cannabis products shall carry a copy of the licensees current license and government-issued identification with a photo of the employee, such as a drivers license. The employee shall present that license and identification upon request to state and local law enforcement, employees of the department and other state and local agencies enforcing this division.(c)During delivery, the licensee shall maintain a copy of the delivery request and shall make it available upon request of the department and law enforcement officers. The delivery request documentation shall comply with state and federal law regarding the protection of confidential medical information.(d)A customer requesting delivery shall maintain a physical or electronic copy of the delivery request and shall make it available upon request by the department and law enforcement officers.(e)A local jurisdiction shall not prevent delivery of cannabis or cannabis products on public roads by a licensee acting in compliance with this division and local law as adopted under Section 26200.(a)Deliveries, as defined in this division, may only be made by a licensed retailer or microbusiness, or a licensed nonprofit under Section 26070.5.
(b)All employees of a retailer, microbusiness, or nonprofit delivering cannabis or cannabis products shall carry a copy of the licensees current license and a government-issued identification with a photo of the employee, such as a drivers license. The employee shall present that license and identification upon request to state and local law enforcement, employees of the department and other state and local agencies enforcing this division.
(c)During delivery, the licensee shall maintain a copy of the delivery request and shall make it available upon request of the department and law enforcement officers. The delivery request documentation shall comply with state and federal law regarding the protection of confidential medical information.
(d)A customer requesting delivery shall maintain a physical or electronic copy of the delivery request and shall make it available upon request by the department and law enforcement officers.
(e)A local jurisdiction shall not prevent delivery of cannabis or cannabis products on public roads by a licensee acting in compliance with this division and local law as adopted under Section 26200.
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Date
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Status
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| Jun 14, 2022 | In committee: Set, first hearing. Hearing canceled at the request of author. |
| May 18, 2022 | Referred to Com. on B., P. & E.D. |
| May 10, 2022 | In Senate. Read first time. To Com. on RLS. for assignment. |
| May 9, 2022 | Read third time. Passed. Ordered to the Senate. (Ayes 50. Noes 11. Page 4605.) |
| Apr 28, 2022 | Read second time. Ordered to third reading. |
| Apr 27, 2022 | Read second time and amended. Ordered returned to second reading. |
| Apr 26, 2022 | From committee: Amend, and do pass as amended. (Ayes 13. Noes 1.) (April 26). |
| Mar 28, 2022 | Re-referred to Com. on B. & P. |
| Mar 24, 2022 | Referred to Com. on B. & P. |
| Feb 16, 2022 | From printer. May be heard in committee March 18. |
| Feb 15, 2022 | Read first time. To print. |
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Date
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Description
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Location
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Votes
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| May 9, 2022 | AB 2224 McCarty Assembly Third Reading | Assembly Floor |
Passed |
This list shows positions taken on this bill by organizations on the date displayed, which is linked to the original source.
Positions by individuals are not included.
Bill Author
Bill Co-Author(s):