Senate Bill 2566

    Florida Senate - 1999                                  SB 2566

    By Senator King





    8-1841-99                                               See HB

  1                      A bill to be entitled

  2         An act relating to real estate brokers and

  3         salespersons; amending s. 475.011, F.S.;

  4         providing an exemption from regulation under

  5         pt. I, ch. 475, F.S., relating to real estate

  6         brokers, salespersons, and schools, for any

  7         federally insured depository institution, or

  8         any parent, subsidiary, or affiliate thereof,

  9         in connection with the purchase or sale of a

10         business enterprise; providing an effective

11         date.

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13  Be It Enacted by the Legislature of the State of Florida:

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15         Section 1.  Subsection (12) is added to section

16  475.011, Florida Statutes, 1998 Supplement, to read:

17         475.011  Exemptions.--This part does not apply to:

18         (12)  Any federally insured depository institution, or

19  any parent, subsidiary, or affiliate thereof, in connection

20  with the purchase or sale of a business enterprise, whether a

21  purchase or sale of stock or assets of the business

22  enterprise. This exemption does not apply to the purchase or

23  sale of land, buildings, fixtures, or other improvements to

24  the land which is not in connection with the purchase or sale

25  of a business enterprise. For the purposes of this exemption,

26  any reference to purchase or sale shall be deemed to include a

27  lease transaction.

28         Section 2.  This act shall take effect upon becoming a

29  law.

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 1999                                  SB 2566
    8-1841-99                                               See HB




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  2                          HOUSE SUMMARY

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      Provides an exemption from regulation under pt. I, ch.
  4    475, F.S., relating to real estate brokers, salespersons,
      and schools, for any federally insured depository
  5    institution, or any parent, subsidiary, or affiliate
      thereof, in connection with the purchase or sale of a
  6    business enterprise.

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