On Aug. 22, CAL LEG passed bill re real property transfer and fees.
CAL LEG passed Bill SB 1399 to create an exception to the prohibition on the creation of private transfer fees after January 1, 2019 for certain transfer fee covenants.
Specifically, covenants created under an agreement entered into before June 1, 2009.
Exempts private transfer fee covenants if created per agreement entered into before Jun. 1, 2009, the covenants are applicable to land that is identified in the agreement.
Also if agreement was in settlement of litigation or approved by government agency.
Legislative History
On Feb. 16, 2024, bill introduced in Senate; on May 20, 2024, bill passed in Senate.
On May 21, 2024, bill introduced in Assembly; on Aug. 8, 2024, bill passed Assembly.
On Aug. 8, 2024, bill sent to Senate; on Aug. 15, 2024, amendments concurred in.
On Aug. 22, 2024, bill was enrolled and then sent to the governor for review.
Effectiveness
If approved, bill becomes effective as of Jan. 1, 2025.
Sep. 2024 CAL LEG Governor Approval
On Sep. 22, 2024, CAL LEG reported bill approval by governor, became Chapter 475.
Regulators
CAL LEG
Entity Types
CNSM; Corp; MG Orig
Reference
Ch. 475, 9/22/2024; Bill SB1399, 8/22/2024; Citation: CAL LEG 2-4-4-2-1-1098.6;
Functions
Compliance; Financial; Legal; Operations; Record Retention
