REC Initiates LLC Rulemaking Process
The NJ Real Estate Commission formally began the rulemaking process required to implement a law New Jersey Realtors® proactively sought, which allows real estate salespersons and broker-salespersons to form a Limited Liability Company (LLC) to receive commission payments.
This law cannot go into effect until six months after the REC formally promulgates this rule. New Jersey Realtors® will review the rule language once it is released and work with the REC to ensure it can be adopted as quickly as possible following the advance rulemaking notice and public comment process.
Until this rule is adopted and takes effect, commission payments to LLCs are not permitted.
