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Does George Babbitt Need a Broker-Dealer License (Part III)?

Yesterday's post concerned additional exemptions for real estate brokers under the California Corporate Securities Law.  Today's post is the final in this series (for now).

Corporations Code § 25004 defines the term "broker-dealer".  Subdivision (a)(6) excludes a broker licensed by the California Real Estate Commissioner when engaged in transactions in securities:

  • exempted by subdivision (f) o r (p) of Section 25100;
  • the issuance of which is subject to authorization by the California Real Estate Commissioner; or
  • in transactions exempted by subdivision (e) of Section 25102.

Again, an exemption from California's broker-dealer licensing requirement does not constitute an exemption from federal or other state broker or dealer licensing requirements.

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