Bill Text: CA AB2224 | 2021-2022 | Regular Session | Amended
Bill Title: Real estate: transactions: iBuyers.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2022-06-14 - In committee: Set, first hearing. Hearing canceled at the request of author. [AB2224 Detail]
Download: California-2021-AB2224-Amended.html
|
Amended
IN
Assembly
April 27, 2022 |
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Amended
IN
Assembly
March 24, 2022 |
CALIFORNIA LEGISLATURE—
2021–2022 REGULAR SESSION
Assembly Bill
No. 2224
| Introduced by Assembly Member McCarty |
February 15, 2022 |
An act to add Chapter 3 (commencing with Section 11290) to Part 2 of Division 4 of the Business and Professions Code, relating to real estate.
LEGISLATIVE COUNSEL'S DIGEST
AB 2224, as amended, McCarty.
Real estate: transactions: iBuyers.
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.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Chapter 3 (commencing with Section 11290) is added to Part 2 of Division 4 of the Business and Professions Code, to read:CHAPTER 3. iBuyers
11290.
(a) An iBuyer shall work with a local real estate(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.
