......but it is a step in the right direction.
Senate Bill SB 1007 Becomes Law
State of California Governor Arnold Schwarzenegger signed Senate Bill SB 1007 into law on October 2, 2008. This Senate Bill SB 1007 provides certain minimum standards or guidelines that 1031 exchange Accommodators or Facilitators must meet in order to do business in the State of California as a 1031 exchange Qualified Intermediary.
Effective Date
This new law is effective January 1, 2009 and must be complied with if a company or individual is doing business as a 1031 exchange Qualified Intermediary within the State of California.
Press Release
You can read the entire press release here.
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Bill Exeter has 24 years in the 1031 exchange industry and has administered in excess of 75,000 1031 exchanges during his career. He is one of the founders of the Federation of Exchange Accommodators.
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Bill, I love it. This should add a little control and protect investors funds. Thank you for bringing it to our attention. I missed this one.
Hi Bill, Good post. Thanks for sharing this. Keep posting best.
Best - Sash
Hi Endre,
Yes, it should help. There are many smaller 1031 exchange Qualified Intermediaries that were not bonded or only purchased a small bond of $250,000 or less so that they could say they were bonded, but it was not adequate. We still believe that the current legislation does not go far enough, but it is a step in the right direction.
Hi Sash,
Thank you for visiting my blog. We always strive to bring meaningful information to our readers. Hope all is well.