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Session Laws, 2005
Volume 752, Page 1771   View pdf image
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ROBERT L. EHRLICH, JR., Governor                             Ch. 377 BY adding to Article—Business Occupations and Professions Section 17-512.1 Annotated Code of Maryland (2004 Replacement Volume and 2004 Supplement) BY repealing and reenacting, with amendments, Article - Business Occupations and Professions Section 17-512 and 17-604(b) Annotated Code of Maryland (2004 Replacement Volume and 2004 Supplement) SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows: Article - Business Occupations and Professions 17-512.1. (A) WITH THE CONSENT OF A LICENSED REAL ESTATE BROKER, ONE OR MORE
LICENSED REAL ESTATE SALESPERSONS AND LICENSED ASSOCIATE REAL ESTATE
BROKERS WHO ARE AFFILIATED WITH THE LICENSED REAL ESTATE BROKER MAY
ORGANIZE AND WHOLLY OWN A LIMITED LIABILITY COMPANY UNDER THE
MARYLAND LIMITED LIABILITY COMPANY ACT. (B) A LIMITED LIABILITY COMPANY MAY BE ORGANIZED AND OWNED UNDER
THIS SECTION BY ANY NUMBER AND ANY COMBINATION OF LICENSED REAL ESTATE
SALESPERSONS AND LICENSED ASSOCIATE REAL ESTATE BROKERS PROVIDED THAT
EACH SHAREHOLDER IN THE COMPANY IS EITHER A LICENSED REAL ESTATE
SALESPERSON OR A LICENSED ASSOCIATE REAL ESTATE BROKER. (C) A LICENSED REAL ESTATE SALESPERSON OR A LICENSED ASSOCIATE
REAL ESTATE BROKER WHO IS A SHAREHOLDER OF A LIMITED LIABILITY COMPANY
MAY DIRECT THAT ANY COMMISSION DUE THE SALESPERSON OR ASSOCIATE
BROKER BE PAID TO THE COMPANY. 17-512. (a)     With the consent of a licensed real estate broker, one or more licensed real
estate salespersons and licensed associate real estate brokers who are affiliated with
the licensed real estate broker may: (1) organize and wholly own a professional service corporation under the
Maryland Professional Service Corporation Act; OR (2) FORM A LIMITED LIABILITY COMPANY UNDER THE MARYLAND
LIMITED LIABILITY COMPANY ACT. (b)     A professional service corporation may be organized and owned OR A
LIMITED LIABILITY COMPANY MAY BE FORMED under this section by any number and
any combination of licensed real estate salespersons and licensed associate real estate - 1771 -


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Session Laws, 2005
Volume 752, Page 1771   View pdf image
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