87R20808 JES-D     By: Smith H.B. No. 2998       A BILL TO BE ENTITLED   AN ACT   relating to the requirement that certain business entities obtain a   license from the Texas Real Estate Commission.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 1101.355, Occupations Code, is amended   by adding Subsections (d) and (e) to read as follows:          (d)  Notwithstanding Subsection (c) or any other law, a   business entity is not required to be licensed under this chapter if   the business entity:                (1)  receives compensation on behalf of a broker or   sales agent licensed under this chapter that is earned by the   license holder while engaged in real estate brokerage;                 (2)  performs no other acts of a broker;                 (3)  is:                      (A)  a limited liability company as defined by   Section 101.001, Business Organizations Code; or                       (B)  an S corporation as defined by 26 U.S.C.   Section 1361;                 (4)  is registered with the commission; and                (5)  is at least 51 percent owned by the license holder   on whose behalf the entity receives compensation.          (e)  The commission shall adopt rules providing for the   registration of a business entity described by Subsection (d).          SECTION 2.  This Act takes effect January 1, 2022.