Minnesota Session Laws - 1991, Regular Session

  

                         Laws of Minnesota 1991 

                        CHAPTER 311-S.F.No. 1244 
           An act relating to commerce; real estate brokers; 
          clarifying exceptions to licensing requirements; 
          amending Minnesota Statutes 1990, section 82.18. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1990, section 82.18, is 
amended to read: 
     82.18 [EXCEPTIONS.] 
     Unless a person is licensed or otherwise required to be 
licensed under this chapter, the term real estate broker does 
not include: 
     (a) a licensed practicing attorney if the attorney complies 
in all respects with the trust account provisions of this 
chapter; 
     (b) a receiver, trustee, administrator, guardian, executor, 
or other person appointed by or acting under the judgment or 
order of any court; 
     (c) any person owning and operating a cemetery and selling 
lots therein solely for use as burial plots; 
     (d) any custodian, janitor, or employee of the owner or 
manager of a residential building who leases residential units 
in the building; 
     (e) any bank, trust company, savings and loan association, 
industrial loan and thrift company, regulated lender under 
chapter 56, public utility, or land mortgage or farm loan 
association organized under the laws of this state or the United 
States, when engaged in the transaction of business within the 
scope of its corporate powers as provided by law; 
     (f) public officers while performing their official duties; 
     (g) employees of persons enumerated in clauses (b), (e), 
and (f), when engaged in the specific performance of their 
duties; 
    (h) any person who acts as an auctioneer bonded in 
conformity with section 330.02, when that person is engaged in 
the specific performance of duties as an auctioneer, and when 
that person has been employed to auction real estate by a person 
licensed under this chapter or when the auctioneer has engaged a 
licensed attorney to supervise the real estate transaction; 
    (i) any person who acquires real estate for the purpose of 
engaging in and does engage in, or who is engaged in the 
business of constructing residential, commercial or industrial 
buildings for the purpose of resale if no more than 25 such 
transactions occur in any 12-month period and the person 
complies with section 82.24; 
    (j) any person who is licensed as a securities 
broker-dealer or is licensed as a securities agent representing 
a broker-dealer pursuant to chapter 80A and who offers to sell 
or sells an interest or estate in real estate which is a 
security as defined in section 80A.14, subdivision 18, and is 
registered or exempt from registration or part of a transaction 
exempt from registration pursuant to chapter 80A, when acting 
solely as an incident to the sale of these securities; 
    (k) any person who offers to sell or sells a business 
opportunity which is a franchise registered pursuant to chapter 
80C, when acting solely to sell the franchise; 
    (l) any person who contracts with or solicits on behalf of 
a provider a contract with a resident or prospective resident to 
provide continuing care in a facility, pursuant to the 
Continuing Care Facility Disclosure and Rehabilitation Act 
(chapter 80D), when acting solely as incident to the contract; 
    (m) any broker-dealer or agent of a broker-dealer when 
participating in a transaction in which all or part of a 
business opportunity or business, including any interest 
therein, is conveyed or acquired pursuant to an asset purchase, 
merger, exchange of securities, or other business combination, 
if the agent or broker-dealer is licensed pursuant to chapter 
80A; 
      (n) an accountant acting incident to the practice of the 
accounting profession if the accountant complies in all respects 
with the trust account provisions of this chapter. 
    Presented to the governor May 30, 1991 
    Signed by the governor June 3, 1991, 4:15 p.m.