California SB 1007: Qualified Intermediary Regulation

An act to add and repeal Division 20.5 (commencing with Section 51000) of the Financial Code, relating to exchange facilitators. Existing law provides for licensure and regulation of various financial institutions by the Commissioner of Financial Institutions or the Commissioner of Corporations, but does not specifically regulate persons engaged in the facilitation of like-kind exchanges of property pursuant to federal tax law. This bill would require a person engaging in business as an exchange facilitator, as defined, to comply with certain bonding and insurance.